Devaluation of Belarus Beats World Record

24.05.2011 15:10
Архив Редакция

According to the World Bank, the official devaluation of the Belarusian ruble, held by the National Bank of Belarus on May 24, was the largest in the world for the past 20 years. The official rate of Belarusian ruble against the currency basket has fallen by 54.4%. A similar situation in the currency market was observed in Argentina in 2002 and Ethiopia in 1992, when the national currency of these countries depreciated by 54%.

The devaluation of 1998 in Russia ranks 4th in the World Bank ranking. The Russian ruble devalued by 38% against the currency basket then.

Belarusian ruble devaluation in 1999 was also insignificant, compared with the current situation, — 37%.

According to Telegraf, as of May 24 devaluation of Belarusian ruble to the currency basket has amounted to 71.62% since January 1, 2011. In this case, the projected depreciation of the ruble to the currency basket, estimated by the country’s central bank for 2011, was to be within 7-8%.

The official rate of Belarusian ruble to the currency basket amounted to Br1.81, ruble-to-dollar — Br4.93. Thus, the devaluation of the ruble against the dollar has amounted to 64.33% since early year, while last night — 56.26%.

With euro official exchange rate of Br6.91, the devaluation of the national currency has amounted to 74.06% since January 1, 2011, on May 23 — 53.11%.

The devaluation of the Belarusian ruble against the Russian ruble has become equal to 76.71% since the beginning of the year, while last night — 53.91%. May 24, National Bank set the Russian ruble equal to Br173.95.

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