Expert tells why Euro will be excluded from the currency basket in Belarus

Head of Political Science Department of the Belarusian State Economic University Alexei Belyaev said that the decision to remove the euro from the currency basket was caused by the fact that trade turnover between Belarus and the European Union was falling, reports sb.by.

According to the expert, the situation is solely the fault of the European Union.

"The EU is to blame for this, as it has decided to cut all economic ties with Belarus by means of sanctions. Accordingly, our trade turnover has declined quite significantly. The calculations in euro decreased to such an extent that today this currency is not an important payment tool for Belarus. Since our country has reoriented its trade and mutual settlements towards currencies of friendly countries, we have replaced the euro. Now we have three currencies in the basket: Russian ruble, U.S. dollar and Chinese yuan," said Alexei Belyaev.

The expert notes that while the volume of trade between Belarus and the EU is reducing, it is increasing with Russia, so the National Bank has decided to increase the share of the Russian ruble in the currency basket by eliminating the euro from it.

"The reciprocal volume of trade with Russia is increasing dramatically. We do not need the euro when calculations are made in our own currencies," said Alexei Belyaev. - "Excluding the euro from the basket does not mean that people should get rid of this currency now.

The expert stressed that the euro as a payment instrument in Belarus is becoming less popular, so in the long run, those involved in foreign exchange transactions and investments should think about switching currencies.

"There is no need to be afraid. Nothing is happening in terms of economic stability and security of Belarus," concluded Alexei Belyaev.