OREANDA-NEWS. The International Monetary Fund (IMF) does not find it necessary that the exchange rate of the Belarusian ruble should be adjusted sharply.

IMF mission leader David Hofman made a statement to this effect at a press-conference.

Mr Hofman visited Belarus to hold the 2014 Article IV Consultation discussions with the authorities.

The IMF recommends that the NBB should allow more exchange rate flexibility and simultaneously tighten monetary policy in order to adjust the current account deficit, Hofman said. The IMF finds it important that Belarus should restrain domestic demand by restraining wage growth.

During the latest visit to Minsk, the IMF mission did not discuss the terms of a new cooperation programme with the Belarusian authorities. The programme was discussed in detail in October 2013 during the previous visit of the IMF mission to Minsk, Hofman informed.

The IMF recommends Belarus should struggle to grow reserves and prevent them from reducing.