NBB plans domestic, foreign borrowing to repay debt in 2015
MINSK. Oct 29 (Interfax) - Belarus plans foreign and domestic borrowing for state debt repayments in 2015, National Bank of Belarus Chairman Nadezhda Yermakova said at a video conference Wednesday.
"Untied foreign credit resources will be raised to meet liabilities and domestic sources of borrowing will also be used," she said.
The country has sufficient gold and foreign currency reserves to meet their foreign loan commitments in 2015, but borrowing is planned to maintain gold and forex reserves at a safe level, she said.
Belarus plans to use revenue from export duties on petroleum products and oil it produces itself next year to repay foreign government debt.
Belarus plans to spend $4 billion on repaying and servicing foreign government debt in 2015.
The exchange rate of the Belarusian ruble will not exceed 10,900 Bel. rubles/$1 at the end of 2014, Yermakova said. "The exchange rate for the end of 2014 that has been used in program documents for next year is 10,800-10,900 Bel. rubles/$1," she said.
The national currency fluctuations in the main trade partner countries could have an impact on the exchange rate of the Belarusian ruble, she added. This impact was not very significant between January and August 2014.
The official exchange rate on October 29 stood at 10,700 Bel. rubles/$1.