Lukashenka: We can be forced to devalue ruble by 30%

The dictator asks Belarusians not to exchange Belarusian rubles for foreign currency.

Lukashenka said it today during a visit to Baranavichy-based cotton industrial group, BelTA reports.

“We won't artificially restrain the national currency exchange rate against other currencies. We do not do it. If we begin to restrain it, try to curb inflation and help someone (it's not the best time now), we will again have to carry out a one-time 30% devaluation,” Lukashenka said.

He emphasised that the country keeps the ruble floating freely for this reason.

“What Kazakhstan and Russia have done lately we did earlier to save our gold and foreign currency reserves. It's good that the gold price goes up. We have approximately 30 tonnes of gold,” Lukashenka said. “We keep the ruble floating freely to go through these hard times.”

Lukashenka drew attention to the fact that prices cannot be restrained. “We look at prices,” he said. “If we keep them down, the market supply will drop.” “Yes, we have some volatility and movement,” Lukashenka noted. “I swear we do nothing to restrain or bolster or weaken the national currency. If more foreign currency is available, the exchange rate will be lower. If demand for foreign currency is high and there's no foreign currency, you know what will happen.”

“Don't go to exchange offices. You create additional problems,” he noted. “I say it honestly. I used to worry about exchange rate fluctuations, but now I am more concerned about another matter – how to hold on, how not to destabilise the situation in the country,” the Belarusian ruler said.

The Belarusian ruble has been devalued by 70% during the year.