Belarussian depositors' accounts devaluated by 1 bln dlrs

As of early April, the sum of the population's deposits in national currency was worth 9.7 trillion Belarussian roubles, or 3.1 billion dollars at the exchange rate 3,100 roubles per 1 U.S. dollar. After the May 24 devaluation, the same sum, at the exchange rate 4,930 roubles per one dollar, depreciated to 1.8 billion dollars. "The population lost 1.3 billion dollars in national currency in a day," the economists said.

In mid-May, the National Bank increased the refinancing rate from 13 to 14 percent a year, in order to preserve the population and organizations' rouble accounts at banks, and their attractiveness, in the conditions of a considerable increase in consumer prices in the country.

Meanwhile, it did not save the rouble-denominated deposits from depreciation both as a result of inflation, and the sharp devaluation of the official Belarussian rouble rate (by 56 percent)

At present, Belarussians, alarmed over price hikes and shortages, try to exchange the depreciating Belarussian roubles for any liquid commodities or hard currency. They have to stand queues at shops and currency exchange offices, buying products, household appliances, dollars, euros or Russian roubles.

Former National Bank chairman Stanislav Bogdankevich believes that the leadership must have announced an anti-crisis program, envisioning all the measures to stabilize the economy and the exchange rate.

"The population (and business, too) should have calmed down if they had learnt that the government had a solid complex program," Bogdankevich said.

"But they set the rate at 4,930 roubles per dollars in the quiet of their office. No reserves to support it have been allocated. Perhaps, the government has something in the till, but it has not informed the public," he added.

On Tuesday, Chairman of the committee on the financial market under the State Duma lower house of the Russian parliament Pavel Medvedev (United Russia) said the introduction of the Russian rouble in Belarus might only be helpful in the final stage of a major economic reform in that country; Kazinform cites Itar-Tass.

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