National Bank ordered to sustain stable situation for the economy overall

During her working meeting with the President, the Chair of the National Bank’s Board — Nadezhda Yermakova — described the situation on the currency market, focusing on liquidity in the banking system and the financing of the economy

“The situation on the currency market is currently calm, with people selling foreign currency. Taking into account the slight strengthening of the Belarusian Rouble against the Dollar, the public has even increased its volumes of such sales,” noted Ms. Yermakova.

According to the National Bank, the public has sold around $640m since September 14th — when an additional session was launched at the Belarusian Currency and Stock Exchange. Banks have sold $550m of this sum. Meanwhile, volumes of obligatory sales of foreign currency have risen. Before the additional session was introduced, about $28m was sold daily; this figure now stands at $40-41m.

Ms. Yermakova believes that the banking system has slightly improved its liquidity, with the National Bank cutting its support for banks by about Br500bn. She also notes the inflow of individuals’ bank deposits — both in Belarusian Roubles and foreign currency. In November, an additional Br126bn and $60m (in equivalent) were attracted.

According to Ms. Yermakova, the national economy has slightly reduced its volume of credits — due to the increased refinancing rate and, accordingly, increased interest rates on loans. The National Bank did this intentionally, with the aim of restraining inflationary growth. The country continues allocating credits to individuals on privileged terms to construct accommodation. In November alone, Br800bn was allocated, with no problems registered.

Belarus’ gold and currency reserves have grown stronger, owing to the arrival of $2.5bn in payment for Beltransgas’ shares. The National Bank hopes also to receive a second tranche  — worth $400m — from the EurAsEC Anti-Crisis Fund. The volume of the country’s gold and currency reserves should reach planned figures outlined for late 2011.

The President has ordered the National Bank to sustain stability on the currency market and for the economy overall.

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