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Mikhail Grachev

Fitch's positive outlook points to Belarus' financial stability

Opinions 31.07.2017 | 16:10
Mikhail Grachev Mikhail Grachev Financial consultant at TeleTrade

The positive outlook by Fitch means a recognition of the stability of the financial market of Belarus, Mikhail Grachev, a financial consultant at TeleTrade, told BelTA.

Fitch reaffirmed Belarus' long-term and short-term sovereign credit ratings at B-/B, and revised the outlook from stable to positive.

“The reaffirmed rating is a recognition of the stability of the financial market of Belarus and of the fact that the country has access to international financing and is able to service its debt obligations,” Mikhail Grachev said.

Fitch Ratings took note of the increase of foreign exchange reserves ($6.561 billion as of 1 July 2017 international assessment). At the same time the state debt has increased. According to the Finance Ministry, as of 1 July 2017 Belarus' external state debt totaled $15.6 billion, up by 14.2% from the beginning of the year (taking into account differences in currency exchange rates). The internal state debt decreased by Br0.7 billion or 6.6% from the beginning of the year. It was due to the repayment of foreign currency and ruble bonds.

“This provides Belarus with an opportunity to place government bonds (eurobonds) on foreign markets on more favorable terms. The reduction in the internal debt, particularly its foreign exchange component, heightens people's interest in placing their savings into ruble deposits or government bonds,” the expert said.

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