National Bank to peg Belarusian ruble to foreign currency system in 2009
The main goal of the monetary policy in 2009 is to protect the Belarusian ruble and ensure its stability. This goal is envisaged in the monetary policy guidelines of the Republic of Belarus for 2009.
The exchange policy will focus on keeping foreign and domestic stability of the Belarusian ruble. Taking into account the openness of the economy of the Republic of Belarus, the exchange rate will stabilize prices and competitive ability of the domestic producers.
An increase of Euro and the Russian ruble in the structure of the foreign economic payments raises the meaning of the official rate of the Belarusian ruble against these currencies for the economy. In this respect, in 2009, the country envisages pegging of the Belarusian ruble exchange rate to the system of the foreign currencies what will enhance flexibility of the Belarusian ruble exchange rate against the US dollar. The fluctuations of the official rate of the Belarusian ruble against the US dollar stand at 5%.
The National Bank reasons that pegging of the Belarusian ruble exchange rate to the system of the foreign currencies will help ensure stability of the nominal efficient rate of the Belarusian ruble.