Business peciliarities in Ukraine and Bealrus
53
Republic of Belarus (hereinafter, the "NBRB") in the first quarter of 2011, and was followed
by a foreign currency deficit in the country.
The main distinguishing features of the new wave of the crisis are:
Considerable inflation. As of the end of 2011, officially declared inflation was 108.7%.
According to the joint opinion of the Big Four companies, the Belarusian economy was
hyperinflationary in 2011, as a result of which IAS 29 "Financial Reporting in
Hyperinflationary Economies" should be applied when reports are drawn up with regard
to the International Financial Reporting Standards (IFRS) by companies whose functional
currency is the Belarusian ruble.
Multiple increases in interest rates in the monetary and credit market. The NBRB
(National Bank of Republic of Belarus) gradually increased the basic refinancing rate in
Belarusian rubles from 10
annaabi.ee 
