Belarus disclaims dollars

Belarus began a process of dedolarizatsiya its economy and protect the population from foreign exchange risks. National Bank of the country believe that citizens do not need loans in foreign currency. Citizens of the country can only see foreign money abroad, writes Interfax.
Prohibition on lending in foreign currency with effect from July 28, 2009, was introduced as a permanent measure, said the manager of the National Bank of Belarus (NBB) Petr Prokopovich a press conference in Minsk on Wednesday. «I am confident that this decision will come into force immediately and forever,“ he said. Time determined by the bank’s decision as a temporary measure. As informed by you NBB, lending to individuals in foreign currency shall be suspended until January 1, 2011 as the reason is the high currency risk. «Considering that the citizens of our country receive salaries in Belarusian ruble, but also due to fluctuations in exchange rates, we believe that the people behind the credit in foreign currency lies higher currency risk and risk nepogasyavane the loan in case that the amount of the contribution increases to an amount exceeding the income of borrowers, mentioned in the message. But today the concept undergoes changes.
«If many people want to get loans in foreign currency, we will consider the matter. However, I do not see the premise that this will have to be back in 2011 will all accustomed to thinking that people are credited only with national currency, „said Wednesday the governor of the NBB. Petr Prokopovich stressed that the prohibition is aimed dedolarizatsiya the economy, which has been caused by dangerous depending on the fluctuations of the dollar and other reserve currencies.
«Today the whole world is sitting on the dollars. In terms of crisis we have made the following conclusion – dedolarizatsiya „he said. In his strategic goal of the National Bank in the next 2 to 3 years is an absolute decrease in the use of foreign currency in the country as the need for it to occur only in cases when traveling abroad. Prokopovich believes that time will come and Belarusian ruble will become freely konvertitruema currency, and our citizens will cease to be concerned about the rate of foreign currency. By the end of the year are not expected sharp fluctuations in the exchange rate of Belarusian ruble against the dollar, said bankers.
«Rate of Belarusian ruble to the dollar in equivalent conditions will be similar to today. To expect significant abrupt change is not real, „he said. Meanwhile the central banker is back from a forecast of the exchange rate of currency pairs at the end of 2009, as neopredelnostta refer to the behavior of the U.S. currency. He recalled that in the first half of fluctuations in the rate of Belarusian ruble to the currency basket is within the forecasted corridor of + / – 5%.
«In the second half the rate will be fluctuating within an extended corridor of + / – 10%,“ said Petr Prokopovich.

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