No panacea in increased food supplies: Belarus loses money due to Russian ruble devaluation
Despite the increased food supplies to Russia, Belarus is losing in money terms, Belarusian Agriculture and Food Minister Leanid Zayats told a press conference on Tuesday, BelTA has learned.
According to the minister, food exports to the Russian Federation have been increasing in physical terms but falling in terms of US dollar equivalent due the devaluation of the Russian ruble. In January-August 2014 national agricultural companies lost almost $160 million over the devalued Russian currency, Leanid Zayats said. Yet, the processing companies have a high level of profitability which allows them to grow further even with these losses, he added.
The minister noted that Belarusian companies ‘do not seek price hikes’.“The volume of products supplied to the Russian Federation today is higher in physical terms and lower in the monetary value,” he said.
