10.10.2012 / 17:40

Something Goes Wrong: Banks Halt Loans 10

Officials keep on assuring the people of stable economic situation in the country fighting the fears of devaluation that are quite popular among Belarusians lately, BelTAA informs.

Thus, representative of the Ministry of Finances Jury Sieliverstau assured journalists on Thursday that dramatic fluctuations of Belarusian currency ratio are not expected the following year.

The exchange ratio of Belarusian ruble against the US dollar in the 2013 state budget makes Br8,950 for $1 (while the current exchange ratio as of October 10 is Br8,630 for $1).

The Chairperson of the National Bank Nadzieja Jermakova said that the exchange ratio would not reach Br9,000 for $1. She also noted that the refinancing rate was expected to be reduced by the end of 2012.

However, there are some alarming facts in the state monetary system that has recently occurred.

Thus, a chief of a poultry factory in Viciebsk Hanna Sharejka complains that Belarusian banks halted lending out money and increased margin up to 1215 percentage points (to the refinancing rate which is currently 30 per cent). In particular, this happens to loans in Belarusian rubles lent under the programme of poultry farming support, Interfax reports.

The Minister of Finance Kharkaviec commented on the situation and told that not a single ruble would be given by the government to support banks liquidity. He also admitted that current interest rates are not investment tools, Interfax quotes him as saying.

The minister is at the same time sure that in case if there is some extra aid to banks from the state, the consequences are going to be more serious than in case some enterprises are not given loans.

He reminded about the EurAsEC Anti-Crisis Fund requirements not to exceed crediting amount of Br7 trillion.

As it was reported earlier, Belarusian state banks have been experiencing acute liquidity deficit since H2, 2012. It resulted into the drastic increase of interbank interest rates up to 50 per cent per year. This also revived the aid of the banks by the National Bank of Belarus.

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