The Belarusian government will not be able to avoid the devaluation of the national currency with the increase in the trade deficit and lower foreign reserves, says Herman Gref, Chairman of the Board of the Savings Bank of the Russian Federation, which owns one of the largest Belarusian banks — "BPS-Bank".
"The government of Belarus is not able to avoid devaluation, though it will be very good for the economy ", — quotes Bloomberg Gref.
Due to the declining gold reserves by 25% in I quarter 2011and the National Bank of Belarus holds a moratorium on foreign exchange intervention, which led to an acute shortage of foreign currency.
In this situation Belarus formed the "shadow" market of cash currency, the current exchange rate is higher than the official rate of 50%. On the "shadow" market of the Belarusian ruble depreciating rapidly — at the beginning of last week, it was more than the official rate of 30%.
The devaluation of the official exchange rate of the Belarusian ruble close to the border of Alexander Lukashenko approved the corridor — no more than 8% against the basket of currencies (U.S. dollar, Euro, Russian ruble).
As of April 18, the Belarusian ruble to a basket of currencies fell by 7.57%, Interfax reported.