On December 26, Minsk /BelTA correspondent/. The National Bank of Belarus forecasts the dollar exchange rate in the first quarter of 2012 at Br8-8.5 thousand per $1. This was stated by the Chairperson of the National Bank's Board, Nadezhda Ermakova, on the air of the ONT TV channel's "Kontury" program, according to a BelTA correspondent. The previously announced National Bank forecast for the average annual dollar exchange rate next year at Br9150 per $1 is a pessimistic scenario, Nadezhda Ermakova noted. "Today the rate is significantly lower. And we already see from calculations that it (the dollar - BelTA note) will hold at the Br8-8.5 thousand level for the first quarter, definitely," she said. "Then everything will depend on how our foreign trade balance develops." The development of the currency market in 2012 will be influenced not only by internal but also by external factors. "We cannot be isolated from the outside world, considering our open economy," Nadezhda Ermakova stated. "The global financial crisis will continue for a year or two, at least, until some stabilization occurs, so all this will affect us." Answering the question of whether gold and foreign exchange reserves will be spent to support the national currency exchange rate next year, the head of the National Bank said that intervention in the exchange rate formation processes will be minimal. "We can spend on interventions and release currency into the currency market only to the extent that we have in excess of gold and foreign exchange reserves," she said. "The gold and foreign exchange reserve must always be in reserve, inviolable. It was shown that gold is melting away. It is not melting away, on the contrary, we are acquiring gold to diversify our currency risks." Nadezhda Ermakova also added that every Belarusian should decide for themselves in which currency to keep their deposits next year. "Advising is a thankless task, everyone must make their own decision. I keep mine in Belarusian rubles due to the high interest rate," the Chairperson of the National Bank summarized. -0-

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