Salary Growth to 500 Dollars Not to Cause Devaluation, National Bank

30.07.2010 11:01
Архив Редакция

Chairman of the National Bank of Belarus on July 29 assured that average salary's growth to 500 dollars, planned by authorities, not to cause the destabilization of currency market in the country and ruble devaluation. "We monitor and predict all the issues...Everything is normal, stable", the head of the National Bank said.

According to the chairman of the NBB, country’s major bank does not intend to carry out the devaluation artificially, and in the first six months exchange rate policy «was conducted according to main directions of monetary policy: on July 1, 2010, ruble rate amounted to 1025.16 rubles against he basket of currencies, becoming stronger by 1.1% from the beginning of the year», BelaPAN informs.

«There is devaluation against dollar and Russian ruble, but against euro there is strengthening. And if ruble has strengthened against euro by more than 10% for six months, this is not a problem of Belarusian ruble but the problem of euro», Pyotr Prokopovich said.
As the head of the National Bank noted, fluctuations of ruble rate to remain within the corridor fixed for this year + / — 10%, and its stable exchange rate would allow to ensure continuous economic growth in medium and long term.

The government planned the next increase in tariff rate of the first level on November 1, 2010. To achieve the figure of 500 dollars, it should grow by 31-34% to 118-120 thousands rubles, but the chairman of the NBB believes that it is not reasonable to increase salaries in such manner at a time.

«I agree that it may be incorrect to raise these rates immediately from November 1. Maybe, it had to be done gradually — from September 1, October, November», Pyotr Prokopovich said.
Our economy is of Europe style, where the main thing is to improve people’s life, Prokopovich

According to the head of the National Bank, to achieve the forecast figures of economic growth, it is necessary to increase the population’s purchase power, therefore the salary increase to 500 dollars is «real and objective necessity, which should not be discussed at all».

«If we do not increase wages, that is, do not increase population’s purchase power, we have no future and we’ll have no economic development», the chairman of the NBB said.

«Our economy is of Europe style, where the main thing is to improve the population’s standard of life. And if we do not perform this main objective, then we have to choose another model and develop in other ways», the head of the main country’s bank believes.
«For the next five-year plan, there scheduled salary increase to a level of not less than one thousand dollars. It means that productivity of labour must increase in at least two times. And if we do not carry out modernization now, then it will be difficult», Pyotr Prokopovich summed up.