Belarus cuts rates to record low as growth falters

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The National Bank of Belarus plans to cut its policy rate by 50 basis points, to a record low of 9.5%, due to falling inflation.

The Belarusian central bank said the cut – the first for more than a year – will take effect from August 14 as the “the intensity of inflationary processes slowed down” and expects inflation to continue to fall. Data released today shows that annual core inflation has been slightly below the central bank’s target of 5%, falling from 4.9% in March to 4.8% in June.

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