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Friday, 16 December 2011
Reduction of foreign component in export will strengthen the Belarusian ruble
MINSK, 16 December (BelTA) – Reduction of the import component in the Belarusian export will help strengthen the national currency, increase forex and currency reserves as well as household incomes, Nadezhda Yermakova, Chairman of the Board of the National Bank of the Republic of Belarus (NBRB), told media during a permanent seminar for executives of national and local level government agencies on 15 December.
“Import accounts for nearly 70% of the exported goods. This is a high figure. Halving it will help us strengthen the ruble and increase our forex and currency reserves and household incomes,” Nadezhda Yermakova said.
According to the NBRB head, Belarus should be more active in developing production of domestic raw material to substitute imports. “We have highly qualified specialists who are able to do it. There is a possibility to do a lot even in a small city,” she added.
Deputy Chairman of the Council of the Republic of the National Assembly Vladimir Potupchik praised Group No 8 that held a training session at the Milavitsa Company as part of the seminar. “The group participants discussed the issues of current importance, made a number of constructive proposals,” he said. The participants of the seminar backed the necessity to develop an import substitution assessment system. According to them, import substitution should have an export potential.
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