European Commission: Belarus Will Have to Devalue the National Currency
17 февраля 2010, 15:18
We will need devaluation to pay off the deficit of the current balance of payment. It is said in the European Commission’s report "Belarus: social protection and social integration", informs BelaPAN.
In specialists’ opinion, the sources of financing the deficit of the balance of payment are limited in Belarus. The Belarusian government counts on foreign credits, however, if the policy of stable exchange rate persists, the deficit of the current balance will reach the dangerous level of 13-15% of the GPD in 2009 and 2010, is said in the report.
Experts doubt that the deficit may be financed by credits only. Thus, the devaluation seems to be inevitable.
Let us remind you that the Belarusian authorities organized 20% devaluation at the beginning of 2009 after they had consulted the IMF.