Creeping devaluation of ruble began in Belarus

• 3.02.2009, 10:51

The dollar has grown by 77 rubles at trading of the Belarusian Currency and Stock Exchange during three business days January 30–31 and February 1.

After the one-time 20-per cent devaluation on January 2, the dollar has increased by 5 per cent more. It costs mote than 2800 Belarusian rubles in exchange offices. But it’s only the beginning, experts say.

The National Bank says it is happening in the frames of the set fluctuations of the currency basket made up of the dollar, the euro, and the Russian ruble. According to Anatol Drazdou, when a basket with three currencies was introduced, mutual fluctuations of currencies by 5 per cent were not excluded, BelaPAN reminds.

But independent experts doubt if it is purposeful to undertake obligations on keeping within this 5-per cent trading band.

Rates of devaluation of the Belarusian ruble are behind devaluation of the Russian ruble, which dropped against the dollar by more than 50 per cent (from 25 to 36 rubles). Economist Leanid Zlotnikau thinks Belarus should devaluate its ruble by 50 per cent to maintain its positions in Russia, where it sells about a half of its products.

During a visit to Minsk Belkommunmash enterprise on January 13, Alyaksandr Lukashenka said: “If we hadn’t devalued the ruble, we would have had losses at the Russian market due to a difference in exchange.