NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Belarus' Lukashenko dismisses prime minister and top ministers

Published 12/27/2014, 07:34 AM
© Reuters. Belarus President Lukashenko speaks during a news conference after a meeting of the Eurasian Economic Union at the Kremlin in Moscow
USD/RUB
-

MINSK (Reuters) - Belarussian President Alexander Lukashenko has dismissed the country's prime minister, central bank head and other top ministers, the presidential press service said on Saturday, in the biggest government reshuffle since 2010.

The shake-up follows Belarussian moves to protect its economy, run along Soviet-style command lines by Lukashenko since 1994, due to a currency crisis in Russia, its main trading partner and ally.

Lukashenko's chief of staff Andrey Kobyakov has been appointed new prime minister, the press service said in a statement, without giving reasons for the dismissal of much of the cabinet.

Earlier this year Lukashenko warned he might dismiss the government if it failed to achieve key economic objectives, state news agency Belta reported.

An economic crisis in Russia due to Western sanctions over Ukraine and a slump in the oil price poses a serious headache for Belarus, which sends half of its exports to its powerful neighbour and relies heavily on Russian subsidies.

On Dec. 18 Lukashenko demanded that Belarus's transactions with Russia be settled in dollars or euros because of the slump in the value of Russia's rouble, which has fallen around 40 percent against the dollar since the start of the year.

Belarus ships mainly trucks, tractors, industrial machinery and food products to Russia, and around 92 percent of transactions are normally carried out in roubles.

It earned $739 million less on exports year-on-year in January-October even though volumes remained the same, according to official statistics.

© Reuters. Belarus President Lukashenko speaks during a news conference after a meeting of the Eurasian Economic Union at the Kremlin in Moscow

The central bank has also imposed currency controls to protect the Belarussian rouble.

(Reporting by Andrei Makhovsky; Writing by Polina Devitt and Alessandra Prentice; Editing by Toby Chopra)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.