Rumors about Ruble Devaluation — Provocation, National Bank of Belarus

15.03.2011 13:47
Архив Редакция

Emerging reports of a possible devaluation of the Belarusian ruble are provocative rumors, said the Information Office of the National Bank of Belarus. The main directions of monetary policy of the republic does not envisage any changes in the exchange rate of national currency, which would go beyond the limits, set in 2011. 

«In connection with the recent provocative rumors about a possible devaluation of the national currency, which became widespread thanks to some media and the Internet, the National Bank informs that these rumors correspond to the reality in no way,» said the information department of the bank.

There have also noted that the National Bank intends to maintain its policy of exchange rate «strictly within the established corridor of acceptable change of the Belarusian ruble to a basket of foreign currencies, which is +/- 8% of the course value in 2011 — 1.05704 rate. Thus, the bank expects to achieve the smoothness and predictability of the rate dynamics.

Changes of bilateral rates of the Belarusian ruble against the foreign currency, forming the currency basket — Dollar, Euro and Russian ruble — should be negligible due to the effects of reciprocal changes in rates of these currencies in the world market, says the National Bank.

«Currently, the National Bank has all the necessary monetary instruments and currency reserves for the sustainability of the national currency. Their level is sufficient to maintain the stability of the Belarusian ruble and allows to fully satisfy the demand for foreign currency by the population, respond to tactical changes in demand on the domestic market and guarantee payments on foreign obligations,» said the main bank in Belarus.

As Telegraf previously reported, Belarus’ foreign exchange reserves have declined by 20% — more than $1 billion — since the beginning of 2011. The International Monetary Fund called the economic policies of Belarus «too weak» and experts of Raiffeisen Bank said that the Belarusian authorities were still to solve the problem of the foreign trade deficit, if they intended to maintain foreign exchange reserves of the country. In particular, specialists of the bank stress the need for the devaluation of the Belarusian ruble.

In addition, it’s become problematic enough to buy dollars in Minsk recently. So, about 150 people lined up to purchase foreign currency at Belarusbank on Kirov Street in the afternoon on March 14. Dollars were simply unavailable in a number of exchange offices. Despite this, the head of the National Bank of Anatoli Drozdov told that «there’s no urgent need to run for the currency, and the increased public demand for the currency will fall in coming days.»