OREANDA-NEWS. December 22, 2009. There will not be any one-time devaluations in Belarus in 2009 or 2010, the information department of the National Bank of the Republic of Belarus (NBRB) informed.

The National Bank plans to preserve the current exchange rate of the Belarusian ruble to the basket of currencies at the end of 2009 and early 2010.

This will be possible due to the fact that at present there are all the necessary prerequisites to maintain the stability of the exchange rate of the Belarusian ruble.

However, some fluctuations of the bilateral exchange rate of the Belarusian ruble to the US dollar, euro or the Russian ruble are possible in case the exchange rates of these foreign currencies will change on the international market.

The National Bank explained that in 2009 the Belarusian ruble was pegged to the basket of foreign currencies (euro, US dollar, and the Russian ruble). The exchange rate of the Belarusian ruble varied within plus/minus 10% of the value of the basket of foreign currencies registered on 2 January 2009.

In 2010 the Belarusian ruble will remain pegged to the basket of foreign currencies (euro, US dollar and the Russian ruble) within plus/minus 10% of the value. This mechanism is stipulated in the 2010 monetary policy guidelines of the Republic of Belarus approved by Decree No. 591 of the President of the Republic of Belarus on 7 December 2009.

Taking into account the current and projected external and internal economic factors, the National Bank expects that the fluctuations will be less than plus/minus10%.

The policy of stable exchange rate of the Belarusian ruble coupled with the interest rate policy will allow ensuring necessary conditions to stimulate the growth of household savings in national currency, reduce the level of dollarization of the economy, increase the income of the Belarusians and support the price and macroeconomic stability in general.