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Republic

27 June 2011

Belarus PM vows no further ruble devaluation

IVATSEVICHI, 27 June (BelTA) – The dollar rate will remain intact in the near future, Belarus Premier Mikhail Myasnikovich said as he met with the labor collective of the Ivatsevichdrev company on 24 June. In his words, the current exchange rate fluctuates between Br4,500 and Br5,500 per $1. Mikhail Myasnikovich stressed that the dollar exchange rate would remain at this level if “we do not provoke it by emission lending to the economy: housing, farms and roads”. “It is impossible to secure stability at the currency market and continue development at the same time. All the issues should be settled within the currency market first. Only then the issues of further development,” the Premier stated. According to him, the foreign currency for population will be available if it is needed for medical treatment, business trips and other urgent matters. The sale of foreign currency at the exchange points will depend on its purchase from the population. Mikhail Myasnikovich informed that the population sold over $200 million to the exchange points in May and bought $150-160 million. The first tranche of the EurAsEC Anticrisis Fund to the tune of $800 million will be used to stabilize the country’s forex reserves, the Premier said.

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