Belarus set to refuse from Russian currency


Effective from 2008, the National Bank of Belarus is expected not to bind the Belarusian rubel’s exchange rate with the Russian rouble, under the draft of measures that will determine this country’s monetary policy next year. Belarusian economist Yaraslau Ramanchuk comments to the European Radio for Belarus on this move.

He disagrees with media suggestions that this decision by the National Bank points to a lesser dependence of Belarus on Russia as our strategic trade partner.

“We cannot say that our economy has reduced dependence on the Russian market. The fact that the National Bank refuses to bind the Belarusian currency with the Russian rouble can prove that we will not avoid depreciation,” Ramanchuk told the European Radio for Belarus.

The National Bank also admits that it will be very difficult to keep the currency market and monetary policy stable in 2008, Ramanchuk suggests.

People and industries should monitor the Belarusian rubel’s exchange rate. Possibly, black market currency dealers might re-appear in Belarus, he says.