12-07-2012 10:38 Belarus
Belarus’ forex proceeds record high in January-May
In January-May 2012 Belarus’ foreign currency proceeds reached a historic high of $25 billion, Marina Markusenko, Head of the Monetary Control Office of the Economy Institute of the National Academy of Sciences of Belarus, told the press on 10 July.
The expert said that in January-May 2012 Belarus received as much foreign currency as it did in January-May 2009. In the five months of 2012 Belarus received $25 billion in foreign currency while the country received $22 billion in the entire year of 2009. The dynamics is attributed to the stable forex market, the stable exchange rate of the Belarusian ruble against the US dollar. Since November 2011 the demand for foreign currency on the home market has been completely satisfied by the supply, with supply exceeding demand. The policy of the National Bank of the Republic of Belarus is also important. The Bank has switched to a new exchange rate procedure and is now pursuing a policy of managed floatation, which correlates with the exchange rate procedures used by the Single Economic Space member states.
The forex inflow has been secured by proceeds from exports. In H1 2012 forex proceeds increased considerably. In May the current account balance amounted to $614 million. It is a historic high, said the expert.
She also mentioned the major monetary management guidelines Belarus needs in conditions of the Single Economic Space. Those are the stable exchange rate of the Belarusian ruble against the US dollar, gradual removal of currency restrictions, and support for domestic stability of the national currency. Starting 2013 it is necessary to ensure an inflation rate commensurable to the inflation rates in other Customs Union member states.