The refinancing rate is to be reduced in Belarus. Thus, credits to individuals and corporations will become cheaper. According to the National Bank of Belarus, on 18 January the refinancing rate will be reduced from 18% to 17% per annum. Last year it was reduced 4 times. The decision was prompted by a number of primary factors. First of all, the annual inflation slowed down to 11.5%. Secondly, Interest rates on deposits and loans remain positive despite the gradual decrease in their nominal values. Thirdly, there is no great demand for foreign currency on the domestic currency market of Belarus.