| Minsk believes that Russia's increase in energy prices for Belarus will slow down the process of creating a single currency of the union state. “The latest actions of our partners have led to the fact that the issue of the timing of the introduction of a single currency has been postponed indefinitely,” said the head of the Belarusian National Bank, Pyotr Prokopovich, yesterday. However, Minsk does not abandon the idea of a single currency. “The National Bank of Belarus has always fulfilled its agreements. The Union Treaty is valid, and our agreements are valid,” Mr. Prokopovich told Vremya Novostei. The head of the National Bank emphasized that “until uniform conditions have been created for business entities, the introduction of a single currency is unrealistic and impossible.” Pyotr Prokopovich explained: “If we formally, technically switch to a single currency, instead of a positive effect there may be a negative one.”
Minsk fears that Belarusian enterprises may lose out within the framework of the currency union. Compared to their Russian competitors, they experience a higher tax burden and purchase more expensive energy resources. In this case, according to Prokopovich, the growth of Belarusian GDP could decrease from 10 to 2-3% per year. When creating a monetary union with equal conditions for Russian and Belarusian enterprises, Minsk expects annual economic growth of 7-8%. Olga TOMASHEVSKAYA, Minsk
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