How the Grodno Region Finds Balance Between a Strong Ruble and Exporters' Interests

10:06 September 4, 2026

The exchange rate is always about balance: a strong ruble makes imports cheaper but reduces exporters' revenue. This balance is felt especially acutely in the Grodno Region with its powerful industrial sector. Yet global de-dollarization and a strong national currency are pushing businesses to cut costs and develop technology. Sergei Myasnikov, Chairman of the Economy Committee of the Grodno Regional Executive Committee, explained how the region maintains this equilibrium.

– The strength of the national currency is always a matter of scales. On one side sits overall macroeconomic stability, controlled inflation, and the predictability of the domestic market. On the other are the interests of our exporters, who need to promote their products effectively on foreign markets.

Now, when the dollar is gradually losing its former scale on the global market, we see a certain exchange-rate gap. If companies' contracts were fixed in the American currency, then when converted into rubles, certain nuances arise. This matters to an exporter, because all domestic costs – wages, electricity, raw materials – are denominated in our national currency.

Let me give a simple example. If the conditional dollar rate falls, the national currency looks very strong, but exporters find it harder to compete on price in foreign markets. If, on the other hand, the foreign-currency rate is somewhat higher, then with the same ruble costs the company receives more revenue, and consequently more room to maneuver abroad.

This is not some peculiarity of our economy. All over the world, exporters are interested in a certain balance of exchange rates, and governments in various countries are always looking for levers to support their producers. But it would also be wrong to say that the higher the dollar rate, the better. An exporter would say: "Five rubles would suit me just fine." But that is a path to an imbalance in the currency market that will hit the domestic consumer. So everything here must be strictly on the scales: on one side – stability of the national currency and the domestic market; on the other – the competitiveness of our enterprises abroad.

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Diana Sidorkevich