Belarus Ruble’s Rate will not Exceed the Stipulated Level
The National Bank of the Republic of Belarus has approached the top of the corridor of the official exchange rate of the Belarus ruble to the US dollar, envisaged for 2008. Beginning from December 13, 2008, the official rate will be 2200 Belarus rubles per one dollar. The top of the corridor was reached, first of all, because of a significant strengthening of the US dollar in the world currency market since August, 2008. Simultaneously, in order to increase the profitability of the savings in the domestic currency and ensure their high attractiveness, on December 17, 2008, the National Bank of Belarus further increased the annual refinancing rate up to 12 %. By the end of 2009 with the expected annual inflation of 9-11 % the annual rate of refinancing is estimated within the limits of 10–12 %. In 2009, the rate policy will preserve its role of an important instrument for balancing of the economy and will be implemented on the basis of binding it to the basket of foreign currencies, including US dollar, euro and the Russian ruble.