The bank also dropped the rate by 200 basis points earlier this month, and last hiked the rate by 500 basis point for the third time in a row in December last year. The bank increased the rate a total of 3450 basis points in 2011. Belarus reported consumer price inflation at hyperinflationary levels of 109.7% in January this year, up from 92.3% in October, up from 79.6% in September, and 36.2% in the year to June, according to the National Statistic Committee.
Senior Bank officials have previously noted a desire to reduce the rate to around 20% this year. The USD-Belarussian ruble (BYR) exchange rate has doubled on the black market, rising to as much as 7,000 per dollar (approx. 6,000 in July), and currently trades around 8140 (5350 in September) against the US dollar, according to quotes from Yahoo Finance.