L.Zlotnikov: Belarusian ruble is supported by foreign loans

IMF experts say the U.S. dollar dominance in payments energoelementy and capital flows. They argue about a significant proportion of the ratio "the Belarusian ruble — U.S. dollar" in real effective rate.
But Belarusian government and the Bank do not agree with such calculations IMF. They refer to the structure of trade and the highest proportion in the calculations Russian ruble. And this, they say they are, has an impact on lowering the real effective exchange rate of the national currency.
Independent economist Leonid Zlotnikov reads:
"At the moment the Belarusian ruble supported influx of foreign currency into the country. And this is due to the growth of external debt.
But this growth does not reflect the true economic potential. He multiplies it. Because the purchasing power of the ruble also exaggerated. It is because of this factor.
If Belarus retained the trade balance NOT cost external debt, but due to its own exports, the ruble would be weaker. "
IMF predicts slowdown in economic growth in Belarus, 31.08.2007

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