Yermakova says when redenomination can be expected in Belarus

It is too early to discuss redenominaton in Belarus.

The statement was made by Nadzezhda Yermakova, the head of the Belarusian National Bank during an online conference, BelTA reports.

“Redenomination is advisable only if the country's inflation rate is steadily below 10%. Taking into account this year's situation and the inflation forecast for next year, it is too early to speak about redenomination in the near future,” Nadzezhda Yermakova said.

The National Bank chief said the country's refinancing rate would most probably remain at a level of 20% until the end of 2014 due to a rather high inflation rate and the complicated economic and geopolitical situation in Belarus's main trade partners.

“The measure will restrain inflation processes and keep the currency market and the deposit market stable,” she emphasised.