Belarus Devalues Its Rouble by 36% Overnight

Perhaps the conditions below sound familiar?

via BBC News:

“Belarus has cut the official value of its currency against the dollar by 36%.

Loss of competitiveness is only one reason for the deficit, which has risen steadily over the past five years.

The Belarus government directed banks to lend heavily to boost the economy in recent years.

And Russia has raised the price that Belarus must pay for oil and gas imports, from their previously heavily subsidised levels closer towards the international market price.”


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: