MINSK, June 23 (Xinhua) -- The National Bank of Belarus said on Monday that it will raise its key rate from 9.5 percent to 9.75 percent.
Starting June 25, the refinancing rate will amount to 9.75 percent. The rates on permanently available liquidity support operations (overnight credit, overnight SWAP) and bilateral liquidity support operations (fixed-rate Lombard loans and SWAP transactions) will also be raised to 9.75 percent, the bank said.
The bank said the rates are raised to offset certain risks. The regulator stressed that wage growth leads to increased consumption. As a result, consumer imports are also growing.
The regulator also noted a stable liquidity surplus in the banking system and an annual growth of the money supply at a level above 15 percent. In this regard, the bank decided to increase the attractiveness of savings, and therefore to increase the resource base for investment.
The key rate was last changed on June 28, 2023, when it was decreased from 9.75 percent to 9.5 percent. ■
