Rulers of Belarus have already known the source of economic crisis which has been causing scare among citizens for more than half a year: climbing prices of imported gas and insufficient profits from export of Belarusian goods.
This comprehensive analysis of the crisis was given by the Prime Minister Mikhail Myasnikovich at a meeting with personnel of the Ministry of Foreign Affairs. Despite his knowledge, the end of the crisis cannot be seen yet. The government has tried, among other things, imposing price freeze on basic food products (meat, fruits and vegetables) due to its rapidly raising value. A decree on regulating prices signed on April 14, 2011, was revoked yesterday. Representative of the Pricing Policy Department Ihar Famin stated that, due to the shaken economic balance of the country, the government cannot limit the price growth any longer. Debts of Belarusian business entities grow along with the prices. According to the National Institute of Statistics, for the day of July 1, 2011, liabilities amount to 7.6 billion BYR. It is an increase by 22.4 percent since January 1, 2011.
Also Belarusian currency is in a difficult situation. Basing on yesterday data from the National Bank of the Republic of Belarus, the rates are: 4 990 Belarusian roubles for 1 US dollar and 177 Belarusian roubles for 1 Russian rouble.