IMF Urges Belarus to Focus on Stability

The Moscow Times
Tuesday 26th March, 2013

MINSK- The International Monetary Fund urged Belarus to stop cutting interest rates and boosting wages and other spending in pursuit of high growth and focus on curbing inflation and maintaining macroeconomic stability. The former Soviet republic, which suffered from a balance-of-payments crisis in 2011 and had to devalue its ruble by 65 percent, started cutting rates and increasing government spending last year in order to boost economic growth. But this led to fresh pressure on the ruble and accelerated inflation, prompting the central bank to freeze rates between September and March, when…

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