EDB records slight rise in Belarusians’ real income in Q1

May 29, BPN. Real disposable income (adjusted for inflation) in Belarus rose by 0.3 percent in the first three months of 2023, the Eurasian Development Bank (EDB) said in its recent weekly macroeconomic report.

The analysts linked the higher incomes of all groups to increases in wages and benefits.

The EDB also noted that since the start of 2023, the National Bank lowered refinance rate to 9.75 percent on May 31, citing a slowdown in annual inflation.

Consumer prices are not expected to rise considerably in the coming months, so annual inflation may remain below five percent, it said.

However, the potential for further cuts to the refinance rate has almost been exhausted amid the recovery of consumer demand and money supply growth, it added.

In November 2022, Alaksandr Łukašenka approved the key socio-economic development indicators slating a reduction in the refinance rate to 10-11 percent in 2023.