National Bank has reduced abilities to regulate size of international reserves

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April 22, 2016 19:08

According to the National Bank, in February 2015, assets not included in the international reserves fell by USD 238.6 million to USD 477 million. Using these funds, the National Bank may adjust the international reserves volume, but this amount is only enough for one month. In the future, the financial authorities are planning a new Eurobond issue, despite unfavourable situation on the external financial markets. The authorities are likely to introduce new restrictions on consumer imports, while interest rates on foreign currency deposits might grow slightly. In addition, the decisions already taken to reduce the volume of currency settlements in the country may be revoked. Devaluation has reduced pressure on the domestic currency market by individuals and legal entities; however, Belarus may only make due foreign debt payments if she receives new foreign loans.

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