Redenomination As Distraction Gimmick

• 11.11.2015, 17:10

The redenomination has been conceived by Lukashenka and Belarusian authorities in order to distract the population from the catastrophic problems in the economy.

The coordinator of “European Belarus” civil campaign Zmitser Bandarenka said so in an interview to charter97.org, commenting on the redenomination of the national currency announced by the Belarusian authorities, and the visit of the International Monetary Fund mission to Minsk.

“The redenomination has been conceived by Lukashenka and the Belarusian authorities in order to distract the population from the catastrophic problems in the economy. During the "election campaign” the standard of living of Belarusians has fallen at all-time low. The real average pension in the country is $150-200 today, while a real average salary does not exceed $ 350.

At the same time, authorities are trying to imitate the slowdown of inflation to get loans from the IMF and Russia, so the idea of the denomination is also good for the scheme of enticing loans.

But we remember that after receiving the last IMF loan and the sale of Beltransgaz to Russia in 2011, the Belarusian ruble had twofold depreciation, while prices have increased even more.