The National Bank to Have to Turn on the Printing Press, Romanchuk

20.07.2010 10:09
Архив Редакция

In 2010, short-term obligations of Belarus, which includes debts of state, banks, enterprises, cost up to 9.9 billion dollars, according to the World Bank. To repay them, the National Bank can turn on the printing press, the aspirant for presidency of Belarus from the United Civil Party, Jaroslav Romanchuk, said.

According to the economist, in the past year, the size of obligations was a little lower and the debts were repaid thanks to external borrowing. «This year, it is not clear yet where to get money from. Yes, banks and enterprises will get something, but a deficit will amount to about seven billion dollars», Jaroslav Romanchuk said.

Deputy Chairman of the United Civil Party stated that this June, there had increased
dramatically the pace of monetary amount growth. He believes that in this regard «there is a need to print additional money», BelaPAN informs.

According to Jaroslav Romanchuk, there is another option of closing the «hole» on short-term obligations — to sell Belaruskali. «I think the authorities will attempt to implement both options — sell the company and to print money. Because just to switch on the printing press will lead to the decrease of ruble rate and inflation jump», the economist noted.

In addition, Jaroslav Romanchuk suggested that facilities removal of a number of industrial enterprises, planned by Belarusian authorities, «is explained by the desire of officials to misappropriate vacant property».

«Last year, there was no signal from the top to start privatization and liberalization. But now, these processes are running, and officials, who have sufficient capital, must move to invest with profits. The best way is to misappropriate the property, which will bring 50 — 100 thousand dollars of income monthly», Jaroslav Romanchuk explained his position.