Gold price growth will leave Belarus with no foreign currency

While world prices on gold are decreasing, the National Bank of Belarus has them growing.

The Belarusian rouble is losing its positions against dollar and euro, but is gaining against Russian rouble, infobank reports.

In the context of the recent claims of the Russian economic authorities of the necessity to carry out a devaluation in August, the fate of the doomed Russian rouble does not give optimism to anyone. If Russians are planning on devaluing their currency, then the exchange rate of the Belarusian rouble against the currency basket can keep strengthening further despite the losses against the dollar (-2.8% in half a year) and euro (-0.88% for the same period). The Russian rouble, which has lost 5.85% of its value against the Belarusian counterpart from the start of the year, will pull the Belarusian state of affairs like a locomotive.

There is a similar situation with the price of 1 gram of gold at the National Bank. The price at which the bank sells gold to individuals and legal persons has grown insignificantly from 31 May 2013 to 4 July: from 503 450 to 509 800 Belarusian roubles (by 1.26%).

At the same time in the world markets gold keeps decreasing in price.

On 1 June this year a troy ounce of gold cost 1388 dollars, on 4 July – only 1248 dollars. The price drop accounted for 10.1%. It turns out that in one month Belarusian started to pay almost 11.36% more for a gram of gold.

According to the data from Russia’s Sberbank, the price of a golden bar of 1 gram in a standard package accounted for 1956 Russian roubles as of 04.06.2013. On 04.07.2013 the price reached 1828 roubles. The difference accounted for 128 Russian roubles (with the average exchange rate of 32 Russian roubles for a dollar it accounts for 4 dollars).

The price was been falling down practically the whole June at Russian Sberbank. This means that any willing Belarusian or a Belarusian organization could buy Russian roubles in Belarus, with them losing their value, and buy gold from Russia’s Sberbank for them, which was also falling in price.

Journalists checked Belarus National Bank’s accounting prices for precious metals – almost everything corresponded to the world standards there. But the dynamics of the prices for individuals and legal persons brings to the thoughts of a vent, not closed for winter, or a black hole.