Belarus' National Bank has no plans to change the structure of its foreign currency reserves due to the fluctuations of world currencies, in particular, to euro fall on the world currency market. It was reported by the chief of the head department of international operations of the National Bank, Taras Nadolny.
«We do not plan to make drastic steps to change the structure of foreign currency reserves, because we may lose twice as a result», BelTA quotes the words of the NBB representative.
Taras Nadolny explained that in the issue the National Bank focuses on currency structure of the country’s foreign trade balance, where more transactions are being made in dollars today. The National Bank keeps foreign currency reserves in euro, dollar, Russian ruble and Chinese yuan. The National Bank does not disclose the percentage ratio of these currencies in total reserves.
«Belarus’ National Bank remains conservative in the approach to reserves restructuring» Taras Nadolny underlined. «The functioning actual currency structure fully corresponds with the regulatory monetary structure approved by the National Bank. In this connection, as well as due to continuing vagueness in global financial markets, we see no need to react drastically to dollar-euro pair fluctuations».
According to news agencies, in connection with the fluctuations of dollar and euro, central banks of several countries have decided to sell some part of their reserves in euro and buy up dollars and gold. Thus, financial markets analysts indicate that the Arab Gulf countries have begun to get rid of euro. However, the experts believe that euro decline at this stage has exhausted itself. All the possible negative has been already built into the current rate of the single currency against the U.S. dollar. The currency is extremely resold. In this regard, it is expected a turn of «euro-dollar» pair to the rise of euro rate.
Meanwhile, since the beginning of this year Belarusian ruble rate against a basket of foreign currencies strengthened by 1.04% and from June 4 is set at a level of 1.025.52 rubles. According to the National Bank, since the beginning of the year the dollar strengthened against Belarusian ruble by 4.96%, euro fell by 10.14%, Russian ruble increased by 2.76%.
