BELARUS NEWS AND ANALYSIS

DATE:

14/04/2009

Belarusians Feel the Pain of Rouble Devaluation

(Angus Reid Global Monitor) - Many people in Belarus say that the devaluation of their national currency has negatively affected their personal financial situation, according to a poll by the Independent Institute for Social, Economic and Political Studies (IISEPS). 45.5 per cent of respondents say the devaluated rouble has considerably hurt their financial position.

In addition, 42.4 per cent of respondents say their trust in Belarusian authorities has decreased since the devaluation was implemented.

Belarus seceded from the Soviet Union in 1991. In 1994, independent candidate Aleksandr Lukashenko won the presidential election, boosted by his popularity after acting as chairman of an anti-corruption parliamentary committee. Lukashenko remains the country's president to this day.

In March 2006, Lukashenko won the presidential election with 82.6 per cent of the vote. The Organization for Security and Cooperation in Europe (OSCE) said the ballot "did not meet the required international standards for free and fair elections" and was "severely flawed due to arbitrary use of state power and restrictions to basic rights."

In late 2008, the International Monetary Fund (IMF) approved a $2.5 billion U.S. loan for Belarus. As part of the conditions to receive the funds, the Belarusian government was expected to devalue the national currency by 20 per cent. The devaluation came into force in January 2009.

On Dec. 31, the IMF issued a statement saying that Belarus deserved "the support of the international community," and adding: "The Fund-supported programme will help Belarus achieve an orderly adjustment to the external shocks that it is facing and offer protection against its most pressing vulnerabilities."

Polling Data

Has the devaluation of the Belarusian rouble affected your financial position?

It has affected it considerably

45.5%

It has affected it to a little degree

35.4%

It has not affected it

13.8%

Not sure

5.3%

Has your trust in the authorities changed after the devaluation of Jan. 2, 2009?

I have begun to trust the authorities more

1.8%

My trust has not changed

53.6%

I have begun to trust the authorities less

42.4%

Not sure

2.2%

Source: Independent Institute for Social, Economic and Political Studies (IISEPS)

Methodology: Face-to-face interviews with 1,513 Belarusian adults, conducted from Mar. 5 to Mar. 15, 2009. No margin of error was provided.

Source:

http://www.angus-reid.com/polls/view/belarusians_feel_the_pain_of_rouble_devaluation/

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