NBRB: no reasons for devaluation risks in Belarus

The National Bank of the Republic of Belarus (NBRB) sees no reasons for a reiteration of the problem situation witnessed on the Belarusian foreign exchange market in late 2006, First Deputy Chairman of the National Bank Pavel Kallaur told the press on November 27. “The situation that emerged on the foreign exchange market in late 2006 and manifested itself in higher inflation and devaluation expectations is ruled out this year. Today there are no reasons for such risks,” underlined Pavel Kallaur. He explained, this year there are much more resources for resisting negative consequences of the transition to new foreign trade terms and higher prices for imported energy resources. Besides, Belarus’ gold and foreign exchange reserves have been substantially beefed up this year. In January-September 2007, Belarus’ international reserve assets grew by 79.7% to $3,151.5 million in national terms or by 55.8% to $2,154.8 million in IMF terms.