Исследовательский Центр ИПМ
Kasrtyčnicki Ekanamičny Forum

Belarusian Monthly Economic Review, №9(132), September 2013

In recent months, it became evident that economic authorities are trying to restrict exchange rate fluctuations, although formally the regime remained unchanged. This is due to several reasons. First, in the context of high devaluation expectations, even a gradual depreciation could lead to a new uncontrolled turn of the depreciation-inflation spiral, especially given the rel-atively low level of international reserves. Second, the near-constant exchange rate allows increasing household welfare of even at the background of slow GDP growth.

Other topics of the issue:

  • More than half of agricultural enterprises were unprofitablewithout government support.
  • Search for macroeconomic adjustment scenario.
  • Reduction in ruble deposits caused liquidity shortage.
  • Banks suspended granting housing loans at reduced rates.

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