The National Bank of the Republic of Belarus will continue reducing its refinancing rate in the near future, Dean of the Economics Department at the Belarusian State University Professor Mikhail Kovalev said during an ONT TV show on 29 May, BelTA has learned.

“I believe that the monetary policy is extremely strict in the country. With the annual inflation of 6-7%, which has been forecasted, the refinancing rate of 14% is too high. I think the National Bank will do further steps to reduce the refinancing rate in the near future,” Mikhail Kovalev said.

Vladislav Shchepov, Chairman of the Permanent Commission on the Economic Policy of the House of Representatives, said for his part that the Belarusian ruble is stable. “The exchange rate of the Belarusian ruble is stable, including thanks to the successful efforts to drive down speculative demand for foreign currency. People start understanding that the national currency is not only a payment instrument but also a means to keep savings,” he explained.

According to Vladislav Shchepov, the country's economic performance slightly exceeded the expectations for Q1 2017. “This does not mean, however, that we have reached the maximum of our opportunities. We need to move forward,” he said.