The IMF suggested that the Belarusian ruble to devalue

The current account deficit requires an immediate tightening of monetary policy, said the Permanent Representative of the International Monetary Fund (IMF) in Belarus, Natalia Kolyadina "Credit growth in Belarus in 2011, continues to be very significant, and should take action to make it slower, in order to reduce demand for foreign currency ", - explained Kolyadina. She also noted that in 2010 there was a dramatic easing of monetary and fiscal policy in Belarus, as well as a significant increase in wages in real terms, which led to an increase in deficit on current account transactions, reported the Belarusian portal Charter 97. "We saw last year and we continue to see now that the financing gap for the balance of payments and a significant demand for foreign currency exceeds its supply," - said the IMF representative. "We believe that to reduce the trade deficit requires macroeconomic adjustment, - said the IMF representative. - New foreign borrowing to help increase foreign exchange reserves, which is possible only if the trade deficit begins to shrink. This can only be achieved through tighter monetary policy and a more flexible exchange rate policy. In addition, foreign funding is not limitless, and depends on the situation in international financial markets, which are now changing rapidly. " According Kolyadina, simultaneously with the tightening of monetary policy measures should be taken to tighten fiscal policy, which will help in the longer term and free up certain resources for private sector development.