19 March 2024, Tuesday, 10:23
Support
the website
Sim Sim,
Charter 97!
Categories

Belarus's foreign currency proceeds fall by almost $6 million

5
Belarus's foreign currency proceeds fall by almost $6 million

Belarus's foreign currency earnings were less than 20 billion dollars in the period from January to July 2015.

It is by almost 25% less than in the same period last year, BelaPAN reports.

Belarus's foreign currency earnings were 19.8 billion dollars in January-July, having declined by 5.88 billion dollars compared to the same period of 2014.

The decrease in foreign currency proceeds this year is explained with a drop in exports of Belarusian goods and services, as well as with lower revenues from trade transactions in foreign currency.

Belarus's exports in goods in January-July this year gave revenues of 15.8 billion dollars. The revenues from exports in goods fell by 4.9 billion dollars compared to January-July 2014.

Revenues from exports of services in January-July were 3.5 billion dollars, having dropped by 641.9 million dollars compared to the same period of 2014.

It's worth noting that foreign currency earnings from domestic trade in foreign currency slumped this year. They were 16.9 million dollars in January-July, having fallen more than 20-fold compared to the same period last year.

Financial analysts explain the decline in proceeds from domestic trade in foreign currency with the National Bank's policy on de-dollarisation of the country's economy. The National Bank forbade this March to use foreign currency to pay for tourist and insurance services. It was also banned to use foreign currency at filling stations.

Economists explain the decreased foreign currency proceeds from exports of goods and services with lower demand for Belarusian goods in Russia.

According to the data for January-July, foreign currency proceeds from Russia to Belarus were 7.4 billion dollars, having fallen by 3 billion dollars compared to the same period last year. Earnings from exports of goods to Russia were 5.88 billion dollars (a decline of 2.5 billion dollars). Belarus's foreign currency revenues from exports of services to Russia in January-July 2015 were 1.35 billion dollars, having declined by almost 0.5 billion dollars compared to the same period of 2014.

Write your comment 5

Follow Charter97.org social media accounts