Belarus warned the EurAsEC Anti-Crisis fund of predicted gold and foreign exchange reduction at $6.4bln as on October 1, 2012. Belarus’ FX reserves totaled ca $8bln as for the end of the Q2, 2012.
“Considering the need of the Republic of Belarus to repay internal and external FX liabilities, the FX and gold reserves of the state are to total not less than 1.6 months’ imports as on October 1, 2012 and not less than 2 months’ imports as on January 1, 2013,” says the official letter by Belarusian government published on EurAsEC Anti-Crisis Fund website. This letter is proposed to be considered as the basis for decision making by the fund to allocate the 4th and 5th tranche of the Anti-Crisis Fund loan. The letter was sent and published on July 13.
The letter reads that the government “is going to continue increasing FX and gold reserves that will maintain the economic security of the country. This is to be accomplished by both attracting foreign direct investments and accumulation of privatization revenue”.
The government also claims to restrict loan policy and monetary offer. Thus, the overall quantity of the loans increase should not exceed 12% as on October 1 and 15% on January 1, 2013.
The letter confirms the intention to raise hosing maintenance fees up to 35% of cost price. According to the ACF data today this indicator is only 23%.
Belarusian government also promises to raise public transportation cost up to 85% of cost price for a ride. The ACF says customers paid only 34.2% of a ride’s cost in Minsk and 53% in other areas.
It is worth mentioning that promises to rise housing maintenance and public transportation fees are common for Belarusian authorities though they are never fulfilled.
International investors in Belarus demand fee increases as they consider low costs do not stimulate economy and recourses are spent irrationally.
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