National Bank head advises Belarusians considering foreign currency savings

 

MINSK, 20 October (BelTA) – In a televised appearance on Belarus 1, Chairman of the Board of the National Bank of Belarus Roman Golovchenko explained the reasons behind the Belarusian ruble’s recent strengthening against the U.S. dollar, BelTA reports.

When asked whether it makes sense to buy dollars, Roman Golovchenko urged the public “not to wobble or panic” and reiterated his previous advice to divest from the U.S. currency.

“The Belarusian ruble is strengthening against the dollar,” the National Bank head said. “Given that our currency is pegged to a basket, and the Russian ruble has the greatest weight in that basket, we are gradually strengthening as the Russian ruble gains on the dollar. Since the start of the year, the Belarusian ruble has appreciated against the dollar by 13-14%.” He attributed the dollar’s volatility to the geopolitical situation and its sensitive relationship with the euro, concluding that “the main thing is not to wobble.”

Roman Golovchenko also pointed out that the yield on Belarusian ruble deposits is “significantly higher” than on dollar deposits.