National Bank has to find new resources to refinance Belarus’ foreign currency liabilities
According to the National Bank, the net supply of foreign currency by legal entities and private persons on the domestic market side totalled USD 1.7 million. In the past four months, the average volume of net supply was USD 220 million per month, which helped the National Bank to maintain the gold reserves level. Net currency supply has reduced due to the negative situation in foreign trade and the summer holiday season. During the summer, low net supply of foreign currency will persist. In order to attract currency, banks may raise some rates on foreign currency deposits for legal and physical persons; obtain new syndicated loans, which could be used to refinance the National Bank’s obligations; and the Finance Ministry may place new securities on the domestic market. In view of the favourable situation on the international financial market, Belarus may issue Eurobonds with a total worth of USD 500 - 1000 million, which could solve the problem with servicing Belarus’ external debt before Q4 2016.
During searches of social and "green" activists and anarchists, law enforcement has seized computers, mobile phones and publications. The authorities have also exerted additional pressure on supporters of unauthorized street protests and independent lawyers, who represented defendants in the White Legion case. The security services have stepped up the persecution of opponents before the street protests announced by the opposition. Apparently, the Belarusian authorities aspire that participants in street protests would reduce in number and that the low interest of the population to socio-political agenda before the local election campaign would retain.