Adherents to Printing Press Get on an Offensive

Devaluation scenario like it happened in 2011 year may reoccur.

"According to BelaPAN, adherents to administrative stimulation of the economy try to turn to times when the aim on the planned salary level was provided by printing press," observer of Belorusskiye Novosti Dzmitry Zayats writes.

"The idea to replenish the economy with money has gained actuality not today. A well-known goal to provide people with average salaries of $500 is put at the state level, and it is barely possible to reach by an increase in labour productivity," the edition notes.

"Promoters of policy line-2010 have activated and now try to force their ideas at the highest level. It does not look like a discussion anymore; in fact, apologists of this policy have got on an offensive on economic authorities of the country," a financial expert told journalists.

If adherents to monetary stimulus win, we will have to expect for a troubling scenario in the economy. In this case, the ruble banking liquidity will be focused on pumping of the economy with money under order from above.

"Artificial stimulation of lending will create preconditions for growth of toxic assets in the banking system and lead to inflation development. That is why the National Bank today does not take attempts to fuel the credit market manually realizing dangerous consequences of such developments", economist Dzmitry Kruk believes.