September 19, 2017 / 8:47 AM / a year ago

Belarus's to consider more rate cuts as inflation slows

MINSK, Sept 19 (Reuters) - Inflation in Belarus allows the central bank to cuts its key policy rate further, Belarus’s Deputy Central Bank Governor Sergei Kalechits said on Tuesday.

The main interest rate of the central bank is now at 11.5 percent. Annual inflation stood at 5.3 percent in August.

Kalechits also said that no later than next year the central bank should completely drop its mechanism of mandatory sales of foreign currency by companies. Currently, exporters have to sell 20 percent of their hard currency earnings to the state. (Reporting by Andrei Makhovsky; Writing by Dmitry Solovyov; Editing by Andrey Ostroukh)

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