Dollarization and de-dollarization in Belarus: the formulation of the agenda

The economic authorities in Belarus once again announced campaign to de-dollarization of the economy after the shock of the currency in 2014. In 2009, the main task of de-dollarization was reduction in turbulence and the vulnerability of the economy to external shocks. To solve this problem, in 2009 the National Bank has significantly limited the opportunity of payments in foreign currency in the country (by stopping to provide new licenses for the carrying operations in foreign currency cash), given momentum to the reduction of interest rates on financial instruments in foreign currency, as well as banned loans in foreign currency to individuals. The success of the policy of de-dollarization of 2009-2011 was quite modest: financial contracts in foreign currency kept to dominate, and the practice of pricing in foreign currency and linking to it wages remained massively in the domestic economy.