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No need for sharp currency devaluation in Belarus after similar measures in Kazakhstan, Ukraine


13.02.2014 17:51

MINSK, 13 February (BelTA) - Belarus should not follow the example of Kazakhstan and Ukraine which decided in favor of a sharp devaluation of their currencies, financial analyst of the official partner of Alpari in Minsk Vadim Iosub said during the video conference hosted by the National Press Center website on 13 February, BelTA has learnt.

“I think we should not follow the example of Kazakhstan and Ukraine who decided to devalue their currencies sharply. Russia may be a better example here,” he said. Vadim Iosub explained that the Russian market has one peculiarity, the so-called automatic rule: changes in demand and supply for foreign currency trigger the Russian Central Bank’s intervention to a predetermined amount resulting in a shift in the exchange rate corridor. “Thus they do not need to think what to do on their market every day because they have a clear-cut algorithm to which they all adhere,” the expert noted.

Vadim Iosub noted that it would be reasonable for the National Bank of Belarus to develop a similar automatic rule.

The financial analyst was also asked to comment on the necessity of denomination in Belarus. Vadim Iosub replied: “From my point of view there are no prerequisites for denomination now because the inflation rate is high.” The expert underlined that there is a generally accepted practice, in line with which a denomination should be carried out only if year-on-year inflation is low enough (at least below 10%). “Only after this is it possible to begin discussions about denomination. For now this question is premature,” Vadim Iosub stressed.
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