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No major surges of Belarusian ruble's exchange rate expected in next few years

Economy 19.06.2018 | 13:04
Alexander Sabodin
Alexander Sabodin

MINSK, 19 June (BelTA) – No major surges of the Belarusian ruble's exchange rate are expected to happen in the next few years. The statement was made by Director of the forex trade company OOO Alpari Eurasia Alexander Sabodin during the online conference hosted by BelTA's website on 19 June.

In his words, the Belarusian government pursues a balanced and cautious monetary policy, nothing threatens the stability of the Belarusian ruble. “Most likely, the exchange rate of the ruble will smoothly go down in the long term, without leaps and bounds, roughly on par with the inflation, which has been slowing down for the last few years. I can see no threats to the ruble from the side of the current monetary management policy,” stressed the expert.

Alexander Sabodin remarked that the risk of external shocks persists. “For instance, a rapid drop in global prices for the main Belarusian exports such as oil products or potash fertilizers. Or, as an example of a possible threat, a rapid decline in the value of the Russian ruble can drag the Belarusian ruble with it,” he said.

Alexander Sabodin reminded that the exchange rate of the U.S. dollar against the Belarusian ruble has increased by less than 2% since the beginning of the year, the value of the euro has dropped by more than 1%, while the exchange rate of the Russian ruble against the Belarusian one has declined by about 7.5%. As a result, the basket of currencies has dropped by roughly 3.5% since the beginning of the year and is now on par with August 2017. The stronger Belarusian ruble was attributed to the surplus of the foreign trade and the fact that the volume of sold foreign currencies exceeds the volume of purchases primarily because Belarusians keep selling their foreign currency savings.

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