National Bank of Belarus - Annual Report 2006
The National Bank of Belarus achieved all of its objectives in 2006, with both inflation and the exchange rate kept in check.
Inflation fell to 6.6%, below the target range of 7% to 9%. The value of the Belarusian ruble did not vastly fluctuate and the central bank's benchmark refinance rate dropped from 11% to 10% and real interest rates on time deposits remained positive.
Besides this, banks increased their lending to non-financial firms as their resource base and capitalisation increased. The
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