National Bank will increase Belarusian rouble dependence on situation in Russia

As of November 1^st, 2016, the National Bank changes the share of currencies in the currency basked in Belarus by increasing the share of the Russian rouble from 40% to 50% and reducing the share of the Euro from 30% to 20%. The share of the US Dollar will remain at 30%. The change is due to the results of trading on the Belarusian Stock Exchange in 2016, so as Russia’s share in foreign trade turnover in Belarus exceeded 50%. The Belarusian rouble is likely to increase dependence on the Russian rouble fluctuations. If oil prices change significantly, the National Bank will accelerate the pace of the Belarusian rouble exchange rate fluctuations. In the short-term, Belarus’ dependence on the Russian market is unlikely to reduce and Belarus may further adjust share of currencies in the currency basket.