Belarus consumers invest in domestic appliances

Post by Jeff on 29th May 2011 in

Belarus consumers invest in domestic appliances

People in Belarus have been investing in domestic appliances following a decision by the country’s government to devalue the national currency.

Prices of imported goods are expected to increase dramatically following a decision to devalue the ruble by 36 per cent last week in an effort to stabilise the currency.  
 
According to a report by news agency AFP, the central department store in the capital Minsk has sold out of various goods such as fridges and televisions. Clothes, jewellery and food items have also been snapped by locals looking to stock up.
 
One member of staff at the store said: "People bought up everything ... new deliveries are all at the new exchange rate. Only tie pins are selling at the old rate."
 
Some analysts have criticised the government’s approach, saying devaluation could have been carried out at a slower pace.
 
Economic analyst, Konstantin Skuratovich, told AFP: "People are trying to get rid of rubles, investing in anything at all. They go around stores looking for items available at the old prices."

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