The refinancing rate hits another historic low. It will go down from 8% to 7.75%. This decision was made by the Board of the National Bank of the Republic of Belarus. The overnight lending rate and the overnight deposit rate will be cut by 0.25%. The changes will come into force on July 1 and will last at least until August (the next meeting of the Board of the NBRB on the monetary policy is scheduled for late summer). Economists have noted a slowdown in inflation. In May, the growth in consumer prices came at 4.9% year-on-year, while in April it was at 5.4%. The year-on-year core inflation slowed down.