Belarus could Face Serious Devaluation, Priorbank
CEO of Priorbank Sergei Kostiuchenko said, speaking at the annual meeting of shareholders on March 17, that the bank’s management sees devaluation of the ruble in 2011 as one of the possible scenarios. However, according to Priorbank chairman, it’s the most pessimistic of the three scenarios, considered by the bank’s management.
At the same time Sergei Kostiuchenko assured shareholders that Priorbank management would be able to provide stable operation of the bank with any scenario, reports Reuters.
As Telegraf previously reported, Permanent Representative of the International Monetary Fund in Belarus Natalia Koliadina suggested on February 22 that the Belarusian authorities would tighten monetary policy and devalue the national currency.
Nevertheless, the National Bank failed to consider the IMF recommendations. Chairman of the National Bank Petr Prokopovich said on February 22 that the Belarusian banking system was working smoothly, and it’s not planned to make any changes to its operation in the near future, including ruble devaluation. March 17, Petr Prokopovich also assured President Alexander Lukashenko that there would be no one-time devaluation while he’s holding the post.