Belarusian National Bank reduces refinancing rate

Since today, the National bank of Belarus has reduced the basic refinancing rate to 35 percent annually. The Executive Board of the bank made a corresponding decision based on factual and forecasted inflation rate. According to information of the Belarusian Ministry of Statistics and Analysis, in January 2003 the Consumer Price Index (CPI) amounted to 4.3 percent, while in February 2003 it reached 1.9 percent. In March 2003, the CPI declined to 1.8 percent. According to forecasts of the Belarusian Economy Ministry, this April and May the inflation rate will not advance. The previous level of the basic refinancing rate amounted to 37 percent annually and was set on March 21, 2003.