Stanislau Bahdankevich: Single exchange rate in Belarus in nearest days

It will be established taking into account a devaluation of at least 30%.

The single exchange rate will be set in the nearest days or in a week, former chief of the National Bank Stanislau Bahdankevich said at a press conference in Minsk on January 6, BelaPAN reports.

“But the new exchange rate will take into account the 30% devaluation. It is what the authorities should have done at the beginning, but they decided to confuse everyone,” he said.

Leu Marholin, deputy chairman of the United Civil Party, thinks the ruble devaluation will be deeper than 30%.”

“Oil is getting cheaper. Our main hope – proceeds from the export duty on oil and petroleum products – depends on oil,” he noted.

Marholin thinks a gradual devaluation of around 500 rubles a months would be fine. “If it does not happen, we can expect a sharp fall of the ruble in the near future,” he said.

The government and the National Bank took a decision in December to impose a 30% duty on the purchase foreign currency by individuals and companies. The duty was cut twice: on December 29 to 20% and on January 5 to 10%. The Belarusian ruble was devalued against main currencies after each reduction.