In July 2014 National Bank did not dive into international reserves to meet foreign exchange market’s demand

In June 2014, the National Bank reported net sales of foreign currency by legal entities and individuals on the domestic market – at USD 31.8 million.

The pressure on the national currency is anticipated to decrease, due to the allocated loan from Russia; the need for external funds will reduce when the peak period for repayment of public debt is over; and public services’ costs will go up, redirecting resources from the currency market to the consumer market. Meanwhile, risks remain high that the population will increase its demand for foreign currency if deposit rates in Belarusian roubles continue reducing.