Исследовательский Центр ИПМ
Kasrtyčnicki Ekanamičny Forum

Belarusian Monthly Economic Review, №8(131), August 2013

In Jun-Jul, new shocks appeared which are likely to have negative consequences for the economy in the midterm perspective. First shock was a reduction of time deposits in the banking system. Depreciation of national currency against a background of increasing external trade deficit was a main reason of that. Such reaction of bank depositors was a demonstration of a chronic problem of Belarusian economy – real and financial dollarization. Therefore, the second shock of July  – in potassium trade – bears a serious threat, as it affects foreign trade.

Other topics of the issue:

  • Real GDP fell in the second quarter.
  • Uralkali stopped exports through Belarusian Potash Company.
  • Trade balance continues to deteriorate given slowdown in growth of exports to Russia.
  • Reduction of time ruble deposits caused liquidity shortage of commercial banks.
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