28 March 2024, Thursday, 17:53
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Financial fever for some, dollar rain for others

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Financial fever for some, dollar rain for others

All signs of a financial fever are present. More and more people are coming to currency exchange offices.

Queues in banks are getting longer. Market vendors have their own exchange rate. Officials traditionally make soothing statements that only make everyone to expect the worse.

The atmosphere clearly resembles 2011. The same orders to banks to buy Ministry of Finance's foreign currency bonds. The same demands to keep restrictions in the foreign currency market. It is a direct proof of problems in the state financial sector and banking system.

Incomes to the government budget (the consolidated budget and the Social Protection Fund) were Br86.4 trillion, or 50.9% of GDP in January-April 2013 compared to 42.9% in January-April 2012. The budget expenditures were Br79.9 trillion, or 47.1% of GDP compared to 38.9% in January-April 2012. But don't be so happy. The money will be spent on buying foreign currency to serve the government debt and financing modernisation projects in the public sector in the second half of the year. We can forecast that it will only aggravate the situation in the foreign currency market.

How will the fever end? Another devaluation of the Belarusian ruble and impoverishment of an average citizen. Experts pessimistically forecast Br13,000-15,000 rubles per dollar by the end of the year.

The government uses tax payers, pensioners and public sector employees to compensate for its stupidity and lack of professional skills. On the other hand, the aggravating financial crisis will end with a better financial state of some people close to the country's big banks and companies that earn foreign currency. New villas and new luxuries flats for children of successful Belarusian officials will appear.

How more robberies are needed for doubtful people to understand that the government must quit? How many times should greedy hands of officials to slip into the pocket of disappointed people to make them understand that the ruler must quit? Only honest free elections are able to break the vicious circle. This message must unite all people who support changes!

Anatol Liabedzka, exclusively for charter97.org

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