It is too soon to measure all the outcomes the sharp decline in oil prices and the devaluation of the Russian ruble, Belarusian Prime Minister Syarhei Rumas said on Monday.
“I think it is not yet possible to assess the full impact of the devaluation of the Russian ruble and the sharp decline in oil prices. We will see how the situation will be developing. The Russians issued a statement that the Finance Ministry will be selling foreign currency. It is an extraordinary decision. The first few days of this week will show how the situation with the Russian ruble will be developing. Our National Bank will build its strategy accordingly,” state-run news agency BelTA quotes the minister.
According to him, the National Bank will be following the market trends and will not artificially restrain the Belarusian ruble.
Amid the plunge in oil prices, Belarus is gaining extra cards in negotiating the deliveries both with Russia and other suppliers, Rumas believes.
“The current situation is very different from what we had in December or January,” the top official stressed.
As reported earlier, the OPEC countries and other producers failed to reach an agreement on crude oil production cut, which contributed to the current slump. Crashed more than 30%, global oil prices suffered their worst percentage losses since the start of the 1991 Gulf War.