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Will financial market woes stir up prices in Belarus?

There will be no sharp rise in prices in Belarus, said the Ministry of Trade January 21 explaining that there are no apparent reasons for this: the market is supplied with enough goods and a very strong competition is between retail chains, which will guarantee absence of unreasonable price hikes.

The Belarusian ruble found new lows on Thursday dropping to BYR21,500 for $1 but then regained about BYR490 the next day as oil prices suddenly went up at the end of Thursday and continued to rally on Friday.

Pavel Filippov, head of the economy, finance and prices department, Belarus' Ministry of Trade:
Proceeding from this current situation in the market, a price increase is something people will not accept easily. And competition weighs now very much on the price factor. That is, commercial networks are actively working to attract customers thanks to lower prices. For consumers it is now quite an important aspect.  

Will financial market woes stir up prices in Belarus?