National Bank continues to spend reserves to support Belarusian rouble

In November, Belarus’ international reserves decreased by USD 202.9 million to USD 5.821 billion, the lowest figure in six months.

In November, the National Bank could have spent more than USD 500 million to support the national currency. In the near future, Belarus might intensify talks with Russian and international investors to obtain new loans.,The Belarusian rouble exchange rate will be maintained until January 1^st, 2015, regardless of the fluctuating RUR/USD exchange rate. Interest rates on rouble deposits might increase in order to prevent roubles from being converted en masse into foreign currency. The average annual BYR/USD exchange rate for 2015 at 11400/1 may only be preserved if Belarus attracts new loans or sells some enterprises and reduces wages simultaneously.