OREANDA-NEWS. On November 28, 2008 President of the Republic of Belarus Alexander Lukashenko has met with Chairman of the Board of the National Bank Pyotr Prokopovich, reported the Official website http://president.gov.by.

Pyotr Prokopovich reported to the Head of State on the results of the performance of the national banking system over the past ten months and on the objectives to be accomplished by the end of the current year.

According to Pyotr Prokopovich, the National Bank has been monitoring closely all the trends in international financial markets and taking all the necessary precautions against their negative impact on Belarus’ domestic market, and measures to ensure that all the targets set out in the Basic Guidelines of the National Monetary and Credit Policy for 2008 are met.

In January-October 2008, all the targets were met, he said. “The exchange rate of the national currency is stable. We have been repeatedly stating that in 2008 the exchange rate of the Belarusian rouble will remain within the corridor that we planned for it. As regards the US dollar, it ranges between Br 2,100 to Br 2,200 per one dollar,” he said.

In January-July, when the US dollar was falling against other currencies, the Belarusian rouble was rising against it. Then, as the US dollar began rising, the National Bank began a gradual devaluation of the national currency.

“In future, depending on the situation in international markets, the exchange rate will be either falling or rising but will not exceed the limits of the planned corridor,” said Pyotr Prokopovich.

Taking into account the current situation in international markets, the government has been working hard to prop up the national banking system. According to Pyotr Prokopovich, a decision has been taken to appropriate in December US1.5 billion from the national budget to increase the statutory funds of Belarusian state-run banks.

Much work has been done to encourage foreign investors to engage more fully with the Belarusian banking system. Over 10 months of 2008, a total of about US 400 million worth of foreign resources were invested in statutory funds of Belarusian banks.