Piotr Prakapovich in office again

The ex-Chairperson of the National bank has been appointed the new presidential aide on economy.

The ex-NBB Chairperson Piotr Prakapovich who left his position in 2011 due to health reasons — right after the devaluation of Belarusian ruble — was appointed the presidential aide on economy.

Piotr Prakapovich is considered to be the advocate of market economy mechanisms, while Siarhiej Tkachou, who now became ex-aide, supported administrative methods.

However, the reputation of Piotr Prakapovich was hit by last year’s economic crisis. The devaluation of Belarusian ruble by 2.8 times within several months became the end of Prakapovich’s career as the Chairperson of the National Bank.

During Prakapovich’s being the NBB Chairperson the inflation rate in Belarus was the highest all over the continent and Belarusian ruble was losing its value faster than any other currency.

However, it did not become the obstacle for him to be appointed at such a high position. This may prove that Prakapovich is not personally to blame for economic bubble that loudly burst in 2011. Belarusian authoritarian regime may give the presidential aide more power than the PM or the Chairperson of the National Bank has.

Mikhail Miasnikovich became the first Prime Minister to openly criticize then presidential aide on economy Siarhiej Tkachou. He accused Tkachou in pumping the economy with non-secured money.