Total devaluation

Society
The large-scale devaluation of the Belarusian ruble, announced by the Government and the National Bank yesterday, did not lead to the stabilization of the financial market.

Letting go of the ruble, the central bank again limited the ability to extend the trading band by more than 2% from the official rate. As a result of resuscitation so-called margin transactions in the interbank exchange ceased altogether. However, the National Bank has announced that it will not sell the currency for exchange. In the end, everything remains as before: mnozhnasts courses and the lack of dollars and euros in the public domain.

Guide the actions of the National Bank confirmed that it will continue to exercise administrative control over the foreign exchange market. In the words of a representative of one of the commercial banks, the inability of free kursavtvarennya leaves the problem of market saturation currency unresolved:

"Devaluation alone is not a panacea. It should result in a number of other drastic measures, including free-

there is no guarantee that after a certain period of time, we again need a strong-willed change of course …

kursavtvarennem. First, you must meet the requirements of the IMF, primarily to bind to the market. That is my course tied to the market — to supply and demand. But not vice versa, as it is trying to do with us. Even if they are now decided that their rate jumped more than 50%, this does not mean that then again, according to them, they will not bind to its market rate. In other words, there is no guarantee that after a certain period of time, we again need a strong-willed change of course. "

Director of development communications agency "ARS Kommyunikeyshnz" Roman Kostitsyn convinced that in itself is the economic situation that has developed in Belarus does not match the size of the devaluation and speculative processes on the financial market. The chaos and excitement provoke the authorities themselves who have not explained why there was a currency crisis and what steps are being taken that, in addition to criticism, so far nothing is called.

"I insist that the main problem of the currency collapse, crisis, whatever you want to call it, — the information component, not an economic one. And

the main problem of the currency collapse, crisis, whatever you want to call it, — the information component, not an economic …

if you take the view of the information component, any need to explain their actions. I mean those who make responsible decisions that in this case depend on personal finances of millions of people, at least hundreds of thousands of Belarusians, because children do not have finances. So these measures are still not explained. We do not have with you as citizens of the country of understanding the meaning of the National Bank of their actions. There is no understanding the meaning of the actions of these other individuals to make responsible decisions in the country. I mean understanding the position of the state, because no one does not speak about it, but simply stating a fact: we did it here, added 2%, something was removed. And why, why, why, why this is done right now, not 10 days later and not a month earlier — there is no explanation. "

Analyst International Finance Corporation Valery Fadeev inclined to believe that their government signed the measures neprafesiyanalizme pounding the situation in the uncontrolled stream. However, neither the National Bank, neither the government nor Alexander Lukashenko is not going to carry out the reforms that are required in order to normalize the situation:

"In a sense, I agree with the former head of the National Bank, Mr.

what in the end to do — so we're talking about it constantly. This, again, and privatization and private property, and more …

Bogdankevich, who predicted the Belarusian financial system collapse. Because appropriate measures should have been done much earlier. And now, in my opinion, has developed a number of circumstances. This balance of payments deficit and trade deficit. But perhaps the most important — it nerefarmavanasts our economy and that is late with the reforms, privatization, etc. I think this is the main reason that led to the current situation. As for the answer to the question — what in the end to do — so we're talking about it constantly. This, again, and privatization and private property, and a lot more. "

Back in mid-March Chairman of the National Bank Petr Prokopovich Belarusians assured that no devaluation threatens no one, and the main task of the government — to bring over the five-year average salaries to thousands of dollars. Now the promises devalvavalisya together with the Belarusian ruble:

"As long as I'm the chairman of the board, no one-time devaluation, single-stage, never will be. Sufficient for us to experience that we have accumulated over 15 years and this experience tells us that this is a bad decision for the Belarusians. And if a bad decision — we it will never perform. By "one-off devaluation" I understand the devaluation is not what you think, by 20-30%, and the devaluation of higher than 5%. Even 5%, we will never be a one-time devaluation. We have one goal, one task: to ensure improvement of the living standards of people in this five-year period by 1.7 times, to bring the average salary based on the level of prices this year to at least 3 million rubles. This problem is real, this task can accomplish anything when all along we will work on that. "

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