Lukashenko has proposed to make the Russian ruble a reserve currency.

Belarus has no intention to move to the Russian ruble as the single currency of the Union State. The statement was made by Belarusian President Alexander Lukashenko while visiting the plant BELARUSIAN STEEL ", RIA Novosti reported. But he praised the prospects of the Russian ruble as a regional reserve currency.
According to him, Russia is now a good time to make the Russian ruble a regional currency. "We currently do not have enough rubles to pay the full delivery of Russian Rubles, not in dollars and euros. Why have 7-8 billion dollars, we can not replace in mutual rubles?" - He said.
Recall, in October 2008, Moscow and Minsk have agreed to use the Russian ruble as a means of payment in the supply of Russian gas and oil from Russia to Belarus. At the same time, the Government of Belarus, Russia agreed to provide a loan of 2 billion dollars.
Lukashenko, however, expressed dissatisfaction with the terms of the loan. "What a gift we have received from Russia? LIBOR (London interbank lending rate - approx. Lenty.ru) + 3 per cent we have received on the loan. But the IMF has given us a loan LIBOR + 0,75 per cent. We in the West three times gives credit to more profitable than Russia. " He added that "if Belarus grohnetsya, for Russia it will be a disproportionately large loss than to give us $ 2 billion in support."
At the same time, the president promised that the devaluation of the Belarusian ruble is not worth waiting for, even though the local industry would reduce the rate of national currency by 20 percent. "But it will not, because we promised the people" - said Lukashenko. In January, Belarus has been devalued currency to the dollar and the euro by 20 per cent.