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I've been reading some materials about Belarus's 2011 financial crisis, and a common thread among them is this: Belarus had had a rapidly growing current account deficit, and in 2011 it came to a head helped by a number of factors that, I take it, weren't the reasons per se (for example, people rushed to buy imported foreign cars before they got more expensive due to a planned tariff hike). While I was reading that, I couldn't help thinking about another country with a high current account deficit, the US (a comparison). But, on the contrary, it has a strong currency. The US dollar, the euro, a handful of other currencies are considered the most reliable currencies in the world. Why is that? Does a high current account deficit devalue the national currency, or does it have such an effect only coupled with some other factors?

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