MINSK, 27 May (BelTA) – The Belarusian government maintains the financial and currency stability in the country, First Deputy Prime Minister Vasily Matyushevsky said at the joint meeting of the two chambers of the Belarusian parliament on 27 May, BelTA has learned.
According to the First Vice Premier, this year the government jointly with the National Bank has been implementing macroeconomic measures in the economic conditions that are much more complicated than in the previous year.
According to Vasily Matyushevsky, instability on the oil, potash and other raw material markets has affected the total worth of exports which dropped by 16.7%. “The budget received less revenue than it was supposed to. In Q1 2016 customs duties on oil products brought only $140 million to the budget which was well below the annual target of $1.1 billion,” he said.
“At the same time the financial and currency stability was secured in the country despite all the difficulties,” the First Vice Premier said.
In his words, the foreign trade balance is maintained as well. In January-March 2016 the trade balance in goods and services stood within the forecast (minus 0.1% of GDP with the forecast of minus 0.9% of GDP). “We honor foreign currency debts timely and with no detriment to international reserves,” Vasily Matyushevsky stressed.
In his words, the country maintains a flexible foreign currency exchange rate. In Q1 2016 the exchange rate of the U.S. dollar hit Br22,000 with the average annual forecast of Br18,700.
Vasily Matyushevsky also emphasized that the government presented its medium-term program in the Oval Hall in February. The program, which is currently in progress, is a comprehensive roadmap for the gradual sustainable development of the country.
According to the program, the economic policy for the midterm is based on three basic conditions. These are macroeconomic balance (the aim is for one-digit inflation and lower interest rates on the monetary market: not exceeding 5% by 2020), securing a safe level of gold and forex reserves (at least three months of imports by 2020), and the debt-free financing of the country's balance of payments (gradual repayment of foreign debts with the current account deficit not exceeding 3% of annual GDP).
