Chairman of the National Bank of Belarus Raman Halouchanka said the Belarusian ruble remains stable and no major shocks are expected on the foreign exchange market.
“The National Bank has the tools to curb sharp fluctuations in foreign currency exchange rates. We do not interfere in the exchange rate formation process, which is market-based. In the event of sharp spikes, we have the instruments to contain such developments. But so far we have not used them, as no serious shocks are expected on the foreign exchange market. Despite all the global tensions, the national currency remains stable,” he said, as cited by BelTA.
Halouchanka added that the National Bank’s measures to encourage savings and extend deposit terms have received a positive response.
“De-dollarization processes are progressing quite rapidly. We are seeing strong and steady growth in deposits in Belarusian rubles among both individuals and businesses. This likely shifts some attention away from focusing on the dollar exchange rate. Perhaps that focus still remains primarily among those who keep part of their savings in cash dollars,” he said.
