The National Bank does not deliberately weaken or strengthen the Belarusian ruble, and a slight weakening of the currency can be expected in the future, said National Bank Chairman Raman Halouchanka in a comment to First Informational.
“The situation is stable for now,” Halouchanka said when asked whether the trend toward a stronger ruble is long-term.
“The exchange rate of the ruble is influenced primarily by market factors, which are naturally linked to geopolitical ones. I have said repeatedly that we are not deliberately playing against the dollar, we are not weakening the ruble, and we are not strengthening the ruble. So this is simply how the market situation is developing. I think it largely suits Belarusian exporters selling their products to the Russian Federation. There are also objective factors at play right now, such as the tax period. The supply of foreign currency on the market is quite high, and accordingly the exchange rate reacts in this way,” Halouchanka explained.
Halouchanka believes the ruble will weaken slightly but does not expect a sharp decline.
“Going forward, I think one can probably expect a slight weakening of the ruble exchange rate. But we do not foresee any sharp fluctuations,” the head of the National Bank said.