Support The Moscow Times!

Belarus Raises Interest Rate

Belarus raised its main interest rate for the second time this month to the highest in the world, as it seeks to stem outflows and bolster the ruble.

The refinancing rate will rise two percentage points to 16 percent from June 1, after raising the benchmark one point on May 18, the central bank said on its web site Monday. That's more than the 14 percent rates for Pakistan and Vietnam, the second-highest of 52 central bank benchmark rates tracked by Bloomberg.

The ruble rate was set at 4,932 to the dollar and is set to weaken to 4,977 Tuesday, according to the central bank's web site. The regulator devalued the managed currency by 36 percent against the greenback on May 24.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.