The FX market strategy that has been promised to the nation should not be abandoned, said Aliaksandr Lukashenka as he met with Chairwoman of the Board of the National Bank of the Republic of Belarus (NBRB) Nadzieja Jermakova on September 24.
The presidential press service informed that Lukashenka once again reminded about his instruction to base the national currency exchange rate purely on demand and supply.
“We should follow the way we promised to follow to avoid blame from anyone. There were a lot of talks on the eve of the elections. There are many now,” said Aliaksandr Lukashenka. “You understand that our ‘fifth column’ [Lukashenka uses this title for all his opponents] continues winding up pressure primarily via mass media. Nothing must happen. At least we should follow the way we’ve promised to the nation”.
The President was informed about the state of affairs in the banking industry, the forex market, and the financial market. The NBRB head said that the demand of individuals for foreign currency slightly increased in September. “There is enough foreign currency to satisfy the existing demand. We spent the first half of the year buying foreign currency at the currency exchange and from the population,” said Nadzieja Jermakova.
The NBRB head confirmed that on the eve of the parliamentary elections people sometimes had various negative expectations regarding the situation on the currency market.
“As far as sales of foreign currency via the currency exchange are concerned, we see no fears. Our gold and foreign exchange reserves are balanced and at the end of the year we will reach two months’ worth of import,” said Nadzieja Jermakova.
In September inflation was within the forecast range. At the end of the year inflation is expected under the forecast target of 22%. The refinancing rate may drop to 25-26%.
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