Reduction of Currency Revenue in Belarus

Currency revenue of Belarus made up $27.66 billion and decreased by $9 billion in comparison to the past year.

The National Bank's data prove it, BelaPAN reports.

Reduction of currency revenue is determined by export shortfall. In January-October export shortfall made up $22 billion and decreased by $7.6 billion or 25.7% if compare to the same period last year.

In January-October currency receipts of export of services fixed at $5 billion and decreased by $900 million or 15.3% if compare to the same period last year.

Significant increase, according to experts, is explained by reduction of demand in Russia.

In January-October currency revenue from Russia equaled to $10.6 billion and decreased by $4.6 billion or 30.1% if compare to the same period last year.

Currency proceeds in the domestic market $114.9 million and decreased more than four times in comparison to the same period last year.

A sharp decline in revenue from domestic trading is explained by the policy of the National Bank on dedollarisation of the economy. It should be recalled that this spring it prohibited settling in foreign currency for tourism and insurance services. At the same time it denied payments in hard currency at fuel filling stations.

As reported earlier, in September the National Bank took new measures on dedollarisation of settlements. Decree No. 515 that entered into force on September 16 prohibits foreign currency while settlements between legal entities - with residents of free economic zones - and settlements of some contracts of insurance.