The refinancing rate in Belarus can be reduced to 9.5% per annum by the end of the current year. This is the forecast by the National bank. It is possible in case of a favorable macroeconomic situation. Yet, the last year's pace of reduction is unlikely to happen. We remind you, that in 2017, the rate went down 8 times, which entailed smooth reduction of consumer credit interests. They reached the record indicators of 2006. At present, the refinancing rate is at 11% per annum.