Another psychological boundary has been crossed. The dollar, which has been growing in the local exchange offices for nearly two weeks, costs more than 2 BYN. What is happening and what should Belarusians expect next?
Euro has also broken the record and now costs 2.37 BYN.
It is noteworthy that the dollar was going up at every trading since the end of October. However, the domestic currency has held a high position quite confidently for a long time. Now, according to experts, we can see the rise in the dollar against the Russian ruble happening in Russia. It is primarily based on Western sanctions against the Kremlin and expectations of new economic constraints. Given the fact that the domestic basket of currencies is pegged to the Russian ruble, there is growth of the dollar and the euro, as well as the depreciation of the Russian ruble in Belarus.
So, in Russia to blame for the devaluation?
The current growth of the US currency against the Russian ruble in the neighboring country is happening in parallel with the growth of the dollar against the Belarusian currency, and this testifies to the fact that the domestic ruble is not being artificially constrained, and, therefore, we should not expect a one-off devaluation or a tax on the purchase of foreign currency, as it happened at the end of 2014.
Experts advise to adhere to the diversification principle.
Speaking the language of finance, one-third of the savings should be stored in Euros, another one — in dollars, and the rest — in rubles. Economists also emphasize that deposit rates have decreased, thus the domestic currency can be stored in cash.
Vital Babin, “Belsat”, photo: Vasily Fedosenko / Reuters / Forum