The situation in the financial market of Belarus reminds the situation before January 2, 2009.
Then the Belarusian ruble lost 20% of its value overnight, and in less than a month the ruble became cheaper by one third.
"We do not plan any devaluation. Who had raised this question? It had been raised by charlatans, who are happy when the situation is getting worse for the country," Alyaksandr Lukashenka stated during the conversation with Barysau citizens on November 12.
However the former head of the National Bank of Belarus, Stanislau Bahdankevich, Doctor of Science, Economics, in an interview to "Narodnaya Volya" said:
"Devaluation in the country is undoubtedly expectable, and a slow devaluation of the national currency is taking place now.
The growth of foreign trade deficit demonstrates problems in the economy. Over the 9 months of this year it has grown by billion dollars and reached 6 billions, which undoubtedly must result in devaluation. However, the authorities can postpone the time of the ruble collapse with the help of additional foreign loans, with the help of sales of state enterprises to foreign investors.
The second factor which influences the process of devaluation is monetary growth. The money supply in Belarus grows faster than production output."
"The longer the devaluation is postponed, the more difficult situation would be. In fact, today we have returned to the situation which had caused the devaluation on January 2, 2009. It is obvious for all that the exchange rate of the ruble to foreign currency is overvalued, it should be decreased," an economist Syarhei Chaly is convinced.
Source: Charter'97 :: News from Belarus
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