The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Belarus: Russia crucial to quashing devaluation fears

Current account deficit key economic weakness; Government spending promises add to woes

As Euromoney went to press there was widespread speculation that Belarus would be forced to devalue the rouble for the second time in as many years, amid a spiralling current account deficit and dwindling FX reserves.

Russian financial assistance is likely to play a key role in Belarus avoiding devaluation and a possible sovereign debt default. However, any funding from Moscow is likely to come with strings attached and might lead to prize Belarusian assets falling into Russian hands. Belarus is seeking a $1 billion loan from Moscow and $1.7 billion from a Russia-led regional bailout fund.

In recent weeks Belarusian citizens have been besieging banks and foreign exchange bureaux seeking to swap their Belarusian roubles for dollars and euros. The speculative demand for foreign currency has already caused the unofficial exchange rate to fall by around 20%.

fall in Belarus’s foreign currency reserves in six months

fall in Belarus’s foreign currency reserves in six months

That fall mirrors the 20% official devaluation that Belarus carried out in January 2009 as one of the conditions for receiving a $2.5

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree