Belarus compensated for losses from supplies to Russia through exports to other countries

22/12/20140 views

Belarus has compensated for losses from supplies to Russia by increasing exports to other countries. This was stated to journalists by Prime Minister Mikhail Myasnikovich, according to BELTA.

According to the Prime Minister, Belarus lost about $740 million on exports to Russia due to the devaluation of the Russian ruble. Although physical supplies remained virtually unchanged. "We offset this by increasing exports to other countries, although we were not particularly welcomed there with open arms either," said Mikhail Myasnikovich.

He explained the reasons why the government and the National Bank were forced to take measures such as introducing a 30% levy on currency purchases by individuals and legal entities.

In recent months, there has been a significant increase in the inflow of imported goods into Belarus. For example, in October-November of the current year, citizens imported 21.5 thousand cars from Russia worth about $320 million. This generated a speculative demand for currency. On some days, sales to the public through exchange offices alone reached $90-$97 million per day. Whereas purchases amounted to about $15-$17 million per day.

The decrease in the value of national currencies in countries accounting for 55% of Belarusian exports also played a role. Thus, the devaluation of the Russian ruble in 2014 was 180%, the tenge – 120%, and the hryvnia – 200%.

In a situation where the external environment became more complicated, a currency frenzy began in the country, and the government and the National Bank resorted to non-traditional measures. A standard devaluation of the national currency, as a classic method, would not have yielded the desired effect. A decrease in the value of the Belarusian ruble would have led to an increase in inflation rates, and after some time, everything would have returned to the initial position, the Prime Minister noted.

News of Belarus (BELTA)