Former chairman of National Bank of Belarus, Stanislav Bogdankevich, commenting on depreciation of euro to the level of 3.852 Belarusian rubles, believes that it is beneficial to the owners of foreign exchange savings, while on deposits in rubles Belarusians have losses. "Today, it is known and clear that money should be kept in the solid and freely convertible currency", the expert believes.
According to Stanislav Bogdankevich, in 2009, public debt increased by 2.2 times. «It means that we got money to stabilize the ruble and live at the expense of debts. The second question is that our people do not notice that the deposits in national currency are unprofitable», Belarusian service of Radio Liberty quotes the expert.
«For example, last year, if to count exchange rates to ruble, then, the depositors of fixed deposits in national currency lost 7.8% of their investment», Stanislav Bogdankevich said. «I have small savings, and I keep them mostly in the U.S. dollars. I’ve got a small amount in euro too, and I am proud today that I foresaw this situation».
The ratio of currencies is the basis of Belarusian ruble stability, Zlotnikov
In his turn, an economist Leonid Zlotnikov, commenting on the situation on the currency market, believes that the ratio of currencies is the basis of Belarusian ruble stability. «Belarusian ruble exchange rate depends on the three currencies: euro, dollar and Russian ruble. The slight decline of euro rate has little effect on Belarusian ruble increase, but it’s not essential», the expert believes.
In the basket of three currencies euro is approximately takes the third part, Leonid Zlotnikov noted. The economist added that, on the other hand, there was an increase of dollar rate. «In general, it allowed Belarusian ruble to remain stable — this is a situation on the currency market. And about how I keep the little savings that I have, well, it’s a bit in euro, and just a little in dollars — that’s it», the expert said.
Belarus to be like Greece, if the situation with debts does not improve, Romanchuk
As the head of Scientific Research Mises Center, Jaroslav Romanchuk, states, the depreciation of euro do not significantly affect the currency market in Belarus. According to the analyst, the state of Belarusian ruble is much more important to the economy and welfare of citizens.
«The fact that euro is falling is, certainly, an impact of the economic situation in Greece. But it does not directly effect on us because we are in dollar influence zone. And that’s why these changes will not affect the standard of living, nor the currency Belarusians hold savings», Jaroslav Romanchuk believes.
According to the economist, people should worry more about Belarusian financial performance than the state of euro or dollar. «After all, if the situation with the debts do not improve, we will have the same Greece, but in a more tragic form», Jaroslav Romanchuk said, adding that he has savings in dollars, euro, as well as in «soft» currencies of neighboring countries.
