Macroeconomic Forecast Belarus

According to the most recent data released by the National Bank of the Republic of Belarus, the base refinancing rate was hiked to 40.0% as of November 11, up from 10.5% at the start of the year in order to help stabilise the Belarusian rouble and help bring down inflation, which hit 92.3% y-o-y in October. Having already hit our previous end-2011 target for interest rates, we have been prompted to raise our forecast to 50% by the end of the year.

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