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Vadim Iosub: Belarusian economy strongly dependent on oil prices

On January 22 the Belarusian ruble has strengthened its position. After yesterday's peak in the exchange rate of the Belarusian ruble experts watched trading on the currency and stock exchange with redoubled attention. At this time, the dollar and the euro fell by 470 and 970 rubles, respectively.

The same reaction was in the financial markets of states whose budget depends heavily on oil prices. South America, as well as Russia believe that the current price of black gold is understated by about two times. Oil price hikes are felt not only states specializing in the production of oil but also by entire regions.

Vadim Iosub, senior analyst of the company Alpari:
The Belarusian economy is in the first place quite strongly tied directly to oil, because together with the price of oil prices for oil product exports also fluctuate. And the export of oil products is important enough, you might say, this is the most important article of Belarusian exports. On Thursday oil updated 13-year lows falling to nearly $27 per barrel. By the end of Friday it was trading above $31. And as a result, and in response to the rise in price of oil and the strengthening Russian ruble, on Friday the Belarusian ruble also strengthened against both the dollar and the European currency.

Vadim Iosub: Belarusian economy strongly dependent on oil prices