The Republic of Belarus had a current account deficit of $41,051.1 million from January-June 2013, down from $1,692.8 billion in January-June 2012, according to figures released by the National Bank of Belarus.

With demand for exports weakening, however, Belarus may see additional swelling of its current accounts deficit and could face a currency crisis, Russia's economy ministry said in a report dated Sept. 24.

Moody's Investors Service said in July that Belarus risks reigniting inflation and balance-of-payments pressures as a result of slowing growth, adding that the country's foreign-currency reserves are low in relation to its annual debt obligations of approximately $2 billion until 2015.

Nadezhda Ermakova, the chairman of the Belarusian Central Bank, told an online news conference on Sept. 18 that the bank expects a "gradual" devaluation of the ruble next year.

The key refinancing rate will probably be kept at an average level of 15 to 17 percent, compared with the current 23.5 percent, Ermakova said.