OREANDA-NEWS. On 15 August 2008 was announced, that Belarus’ foreign commodity trade deficit amounted to U.S. USD 2.215 billion in January-June 2008, compared to the USD 1.838 billion deficit in January-June 2007, according to the Statistics Ministry.

Exports rose 61.8% in January-June year-on-year, and imports increased 55.7%.

Exports from Belarus reached USD 17.273 billion as of July 1, 2008. This included USD 7.592 billion worth of exports to CIS states, up 54% on the year, including exports to Russia, which stood at USD 5.58 billion, up 42% on the year. Exports to non-CIS countries amounted to USD 9.681 billion as of July 1, 2008, up 68.5% on the year.

Belarusian imports were at USD 19.488 billion as of July 1, 2008. Belarus’ imports from CIS countries increased 68.1% to USD 13.631 billion, including imports from Russia at USD 12.432 billion, up 70.8% on the year. Imports from non-CIS countries went up 32.9% on the year to USD 5.857 billion.

The deficit of commodity trade with CIS countries came to USD 6.038 billion, up 90% on the year in the period. The deficit of commodity trade with Russia went up 100% on the year in January-June to USD 6.852 billion.

The surplus of foreign trade with countries outside the CIS reached USD 3.824 billion in January-June 2008, compared to a USD 1.338 billion deficit in January-June 2007. Trade with Germany came to a USD 763 million deficit in January-June 2008, down from the deficit of USD 789.8 million in January-June 2007.

Last year, Belarus posted a commodity trade deficit of USD 4.335 billion, a new record high.

Belarus to peg its national currency to U.S. dollar, euro, Russian rbl in ‘09

Belarus will peg its national currency not only to the U.S. dollar, but also to the euro and the Russian ruble in 2009, according to the new version of the draft Monetary Guidelines.

The central bank cited the increase in the shares of the Russian and European currencies in the structure of foreign trade settlements, hence the growing role of the exchange rate of the Belarusian ruble against these two currencies.

According to specialists with the National Bank of Belarus (NBB), the change to the basket of currencies will increase the flexibility of the Belarusian ruble’s exchange rate against the U.S. dollar [exchange rate fluctuations are expected within 5%.

Besides, pegging the national currency to a basket of foreign currencies will enhance the stability of the nominal exchange rate, the document reads.

The central bank expects the U.S. dollar to buy 2,100 Belarusian rubles in late 2008.

On August 6, the U.S. dollar buys 2,112 Belarusian rubles.

The share of the dollar in the total trading volume at the Belarusian Currency and Stock Exchange increased to 40.9% in July from 40.8% in June, the share of the euro decreased to 24.8% from 27.1%, and the share of the Russian ruble went up to 34% from 31.9%. Trading with other currencies [the Ukrainian hryvna, Polish zloty, Japanese yen, British pound sterling and Swiss franc] accounted for 0.3% of the trading volume in July.