Macroeconomic Forecast Belarus

The National Bank of the Republic Of Belarus raised the refinancing rate to 18.0% as of June 22. With rates at 11.5% at the start of the year, the central bank has now implemented 750 basis points of hikes thus far this year, however, we believe there is room for more. Indeed, with the country still facing significant inflation and currency pressures following the devaluation of the ruble in May, we note significant upside risks to our end-2011 forecast of 20.0%.

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