Economy Ministry Opposed Two Belarusian Ruble Rates

21.04.2011 10:16

The Ministry of Economy of Belarus did not consider it appropriate to introduce the duality of the course for a long time. According to Deputy Economy Minister Anton Kudasov, two courses of the ruble "seem doubtful" as a long-term measure. "There is no clear picture of the market," said the deputy head of the Ministry of Economy.

According to Anton Kudasov, there was a positive reaction towards the National Bank’s introduction of such measures for a transitional period in the economic department, BelTA informs. «We see that the reason for this is that there is a serious warm-up in domestic demand,» he said.

The Deputy Minister has explained that this situation leads to «reduction of our export share in production in international trade and the consequent enhancement of the role in the domestic market sale.

«Rising prices of raw materials, needed for the Belarusian manufacturers of exported products. And we need to increase the export component. Belarus’s monetary policy can turn the heated domestic demand into the inflationary one,» said Anton Kudasov.

As Telegraf previously reported, the Belarusian government and National Bank have identified a way out of the currency crisis. The introduction of alternative exchange rate on the interbank market will be one of the measures to combat the lack of currency in the country. This was announced by the deputy chairman of the National Bank Nikolai Luzgin on April 19.

Meanwhile, the National Bank having lifted the restriction on 10% deviation in the formation of the Belarusian ruble in the inter-bank sector on April 19, the Belarusian ruble exchange rate has depreciated by 40% in the interbank market to the level, established by the National Bank of the country.

At the same time, Belarusian banks, despite the almost complete absence of currency at the exchange offices, haven’t yet exceeded a 2% threshold, recommended by the National Bank with respect to dollar exchange rate.