Challenges and opportunities enhance degree of openness

Belarus interested in developing domestic financial market and integration with world and regional financial centres

Speaking at the International Capital Market of the Republic of Belarus. Challenges and Opportunities Forum, the Deputy Economic Minister, Dmitry Golukhov, stressed that the Belarusian economy adapted to the macroeconomic shocks of 2011 (devaluation, stringent domestic demand, foreign currency exchange restrictions and multiple exchange rates, alongside new terms for energy delivery and the launch of the Customs Union). The country’s economy has now re-oriented to foreign markets.

In view of pessimistic forecasts for the global economy, the main problem for Belarus is restricted access to capital. Investors are wary of risky assets, while lending terms are harsh, and there is reduced capacity on the Belarusian sales market.

Taking into account these factors, in January 2012, the Belarusian Government adopted a three year strategy to attract investments into the structural rebuilding of the economy and into innovative development. “The challenges which Belarus faces require a larger degree of openness on the capital market; this undoubtedly opens great opportunities for investors,” asserts Mr. Golukhov.

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