What led to the weakening of the Belarusian ruble? Has another currency crisis started? Analysts discuss it in the next issue of the program “Let’s get into it. Economy with Chaly”.
Several factors have caused the decline in the national currency this year, explains economist Syarhei Chaly. Among them is the weakening of fx rates of developing countries against the dollar, as well as their own, Belarusian economic factors, the main of which is the deteriorating situation with foreign trade. There is also a psychological factor. According to the expert, the statistics of foreign trade for December last year also affected the situation: the foreign trade balance of goods was a record negative — $1 billion 255 million.
“This is the highest it was in the last 60 months, actually since the last crisis in 2015,” said the economist.
But Syarhei Chaly calls the decline in oil refining by 40% the main reason for the deterioration of the Belarusian economy. Belarus is currently in a situation when this sector of the economy ceases to be its driver.
A collage from the photo: minfin.gov.by, nbrb.by.