Prime Minister Roman Golovchenko emphasizes the importance of the currency of main partner countries for the Belarusian economy. He states that the situation with the growth of the dollar against the Belarusian ruble doesn't cause much concern.
Unraveling the Impact of Currency on Belarusian Economy
Currency and Confidence in Belarus
Prime Minister Roman Golovchenko highlights that with their economic policy, confidence in the Belarusian ruble has been instilled in people. Steady growth of deposits in the banking system, both by individuals and legal entities, is evidence of this. At the same time, deposits in foreign currency are decreasing as people transfer them to the national currency. This shows the resilience and trust in the local currency.There is a sense of stability in the Belarusian economy due to these factors. The banking system is seeing growth, and the people have faith in their currency. This stability is crucial for the overall development of the country.Dollar Jumps and Temporary Phenomenon
Golovchenko explains that the jumps in the value of the dollar are due to various internal and external factors. The announcement of the results of the presidential elections in the US and the associated slogans affect the international financial market. Currency futures already take these amendments into account, and they may win back later.As the exchange rate is floating and there is market pricing, the Belarusian ruble automatically devalued a little against the US dollar. But it's important to note that previously, the Belarusian ruble was strengthening against the US currency. This shows the dynamic nature of the currency market and how it affects the Belarusian economy.Other Important Foreign Currencies
For the Belarusian economy, the Russian ruble and the Chinese yuan are of great significance. They are the currencies of the main trading partners and friendly countries that conduct transactions with Belarus in these currencies. This highlights the importance of these currencies in the economic landscape of Belarus.The trade with Russia and other friendly countries plays a vital role in maintaining the economic stability of Belarus. The use of these currencies facilitates trade and helps the country navigate through the challenges posed by external sanctions.Belarus has been facing tough Western sanctions since 2020. However, the country's economy has adapted to these negative consequences. By increasing trade with Russia and maintaining a stable currency, Belarus is showing its resilience in the face of adversity. The exchange rate fluctuations of foreign currencies against the Belarusian ruble in recent weeks are a testament to the challenges but also the adaptability of the economy. READ MORE