English

Weakening of Belarusian rubel not required to support exporters this year, says official

The weakening of the Belarusian rubel will not be required this year to support the country’s exporters, Raman Brodaw, a departmental chief at the economy ministry, told reporters in Minsk on Wednesday.

The government’s initial projection that the rubel should weaken to 9, 150 per one US dollar throughout the year is not “a target that must necessarily be met,” said Mr. Brodaw.

He said that the government was facing the task of reducing the country’s foreign trade deficit by further $3 billion this year after its $5.8-billion decrease last year compared with 2010. Belarus should have a foreign trade surplus of $1 billion to $1.5 billion in 2012 as ordered by the head of state, he said.

The government will continue to take measures this year to squeeze domestic demand, the official said, describing them as essential to the country’s economic growth.

More than 61 percent of all goods manufactured in Belarus last year were exported, according to Mr. Brodaw.

A “rubel exchange rate movement” was a factor but not the primary one, he said, referring to the unification of the rubel's exchange rates in October last year. A rise in Belarusian exports was mainly due to exports whose prices depend on competition in the international market, while a significant percentage of imports accounted for raw materials and components, he said.

Mr. Boraw said that the economy ministry was working on proposals to support the country’s exporters. The focus will be made on foreign loans designed to finance exports. The facility, whose potential is significant, is not being used efficiently, he said.

Commenting on Belarus’ foreign trade in the first quarter of this year, Mr. Brodaw said that the economy ministry projected that the country would have a surplus in it after securing a $126-million surplus in January. //BelaPAN