The National Bank of Belarus left its refinancing rate unchanged at 10 percent on 6th February, 2019, saying the current monetary policy stance supports achieving the inflation target of 5 percent in 2019. In December, annual inflation rate rose to 5.6 percent from 5 percent in November, the highest level since September of 2018. At the same time, the overnight loan rate was left at 11.5 percent while the overnight deposit rate was raised by 50bps from 8 percent to 8.5 percent to reduce volatility of interest rates in the credit and deposit market. Interest Rate in Belarus averaged 48.33 percent from 1991 until 2019, reaching an all time high of 480 percent in November of 1994 and a record low of 10 percent in December of 2006.
Interest Rate in Belarus is expected to be 10.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Belarus to stand at 9.50 in 12 months time. In the long-term, the Belarus Interest Rate is projected to trend around 10.00 percent in 2020, according to our econometric models.