Macroeconomic Forecast Belarus

Inflationary pressures continue to build on account of the recent devaluation of the Belarusian ruble, with consumer price inflation ticking up to 43.8% y-o-y in June, up from 32.6% the previous month, and the highest headline reading on record since May 2002. For now, we hold to our forecast for inflation to end this year at 45.0% and to moderate back towards 15.0% in 2012, however this will be dependent on the government stabilising the currency.

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