Expert: Authorities will not interfere in currency situation
The analyst at Alpari forex brokering firm says over the past year the country's leadership has changed its rethoric significantly - officials no longer promise to hold the US dollar exchange rate and offer good wages.
In the morning of January 21, US dollar grew in Belarus by more than 1000 rubles, with the American currency selling at Br22000 in foreign currency exchange booths. Devaluation has amounted to almost 5%. Financial analyst Vadzim Yosub says it has been caused by unexpected low crude oil prices, which hit the Russian ruble and, correspondingly, Belarusian currency as well. However, this time around, Belarusian authorities will react in a different manner to how they handled the previous devaluation crisis in December 2014, reckons the pundit. The government is unlikely to interfere in the market processes this year.
Yosub also reckons that devaluation of Belarusian ruble may have positives for the government, as Belarusian goods will become cheaper and easier to sell. Moreover, IMF will not be happy if the government of Belarus begins to regulate the exchange rate with a heavy hamd. Minsk keeps hope to get a loan from IMF, hence will not introduce restrictions by the National Bank.
