11:30 Loans to get cheaper in Belarus
The Central Bank of Belarus has recommended that the Belarusian banks give out loans in the local currency at the interest rate of not more than 14 percent per annum, setting the rate of refinancing according to the following scheme: current rate of 11 percent plus a maximum of 3 percent).
This means that a bank can give a consumtion loan for 16 percent per annum, while at the same time for 12 percent for a housing loan. Similar recommendations were already in place in this country, but they were abolished early this year. In February, an average rate amounted to 14.4 percent. Now, loans are expected to get cheaper again.
According to the forecasts of the Central Bank, the interest rates for loans would even go further down towards the end of the year. The refinancing rate is expected to drop down to 7-9 percent by the next winter. This, in turn, will lead to cheaper loans in the Belarusian currency down to an average of 10-12 percent by the end of the year, reports Komsomolskaya Pravda v Belarusi newspaper.
This means that a bank can give a consumtion loan for 16 percent per annum, while at the same time for 12 percent for a housing loan. Similar recommendations were already in place in this country, but they were abolished early this year. In February, an average rate amounted to 14.4 percent. Now, loans are expected to get cheaper again.
According to the forecasts of the Central Bank, the interest rates for loans would even go further down towards the end of the year. The refinancing rate is expected to drop down to 7-9 percent by the next winter. This, in turn, will lead to cheaper loans in the Belarusian currency down to an average of 10-12 percent by the end of the year, reports Komsomolskaya Pravda v Belarusi newspaper.
