English

Prakapovich rules out possibility of rubel devaluation

Deputy Prime Minister Pyotr Prakapovich said on Thursday that there were no grounds for another devaluation of the Belarusian rubel.

Speaking during a live phone-in question and answer session hosted by the government-controlled newspaper Respublika, the 70-year-old Prakapovich said that the rubel's exchange rate was determined by market forces.

"There are no grounds for a currency devaluation today. The National Bank has bought some $1 billion [at the currency exchange] since the beginning of the year. That's why what grounds for a devaluation can there be?" he wondered.

The remarks were an echo of what Mr. Prakapovich said in the capacity of the National Bank's head in early 2011, months before a sharp devaluation of the Belarusian rubel.

Mr. Prakapovich was optimistic about the economy during the phone-in, suggesting that the country's average monthly pay could reach $600 this year and rise by a further $100 in 2014.

"If we work well we will earn not less but more," he said. //BelaPAN