The National Bank of the Republic of Belarus (NBRB) will reduce the refinancing rate from 15% to 14% per annum on 19 April. This is the 4th reduction this year. The decision was made in view of the inflation slowdown, as well as positive trends in the currency and deposit markets. The National Bank will also reduce the interest rates on standing and bilateral transactions designed to maintain banks’ current liquidity from 18% to 17% per annum, as well as the rates on standing liquidity absorption transactions from 10% to 9% per annum.