Deputy minister of economy: No ruble denomination expected in the nearest time

• 12.01.2009, 10:26

Belarusian officials, denying rumours about the ruble denomination, make a reservation “in the nearest time”.

No denomination is expected in Belarus in the nearest time, deputy minister of economy Andrei Tur told Kontury TV programme, Interfax reports.

“Denomination and devaluation have never been held simultaneously,” A. Tur told commenting on rumours of the impending denomination in Belarus. “Though denomination and devaluation are elements of monetary relations, they are not connected with each other,“ he added.

The deputy minister also explained denomination is traditionally held “after economies are gaining momentum after crisis, developing and becoming more stable.”

According to him, it is made “to consolidate this tendency”. He told denomination is carried out to “strengthen monetary relations or to reconcile monetary and nominal values, in other case it just strengthen inflationary expectations”.