The Belarusian central bank has increased its policy rate to 9.25% on July 15, citing rising global commodity prices and higher domestic inflation expectations.

This is the second time the National Bank of the Republic of Belarus (NBRB) has raised rates this year. In April, it raised the policy rate from 7.75% to 8.5%.

The International Monetary Fund expects inflation in Belarus to reach 6.9% this year, up from 5.5% in 2020. However, the central bank has been recording much higher rates of