The refinancing rate of the National Bank of the Republic of Belarus (NBRB) was reduced from 17% to 16% per annum. The decisions was taken on the basis of the consumer prices growth forecast, the situation on the currency and deposit markets, the country’s foreign trade and balance of payments. The refinancing rate forms interests on credits and deposits. The refinancing rate was last revised downward from 18% to 17% per annum on 18 January.