"Black" Dollar Purchase Price is Br5.8 Thousand

24.05.2011 15:52
Архив Редакция

May 24, currency dealers offer the dollar for Br5.7-5.8 thousand. People are still queuing up near the exchange offices willing to buy currency. People in the line are carefully considering any passer-by, seen at a distance of several meters. The same day OTC currency market froze in anticipation of the National Bank's future decisions.

So, OTC transactions stopped on Tuesday after the return of 2% margin restrictions of the official exchange rate. This is reported by market participants. According to them, the exporters do not intend to sell foreign currency under such circumstances. Therefore, currency transactions are held in neither OTC nor the interbank market.

Market participants consider the decision of the country’s central bank «flawed» and expect its cancelation. Employees of banks report that together with the lack of transactions there are also no non-cash exchange rate quotations in the OTC market.

Importers called the state of foreign exchange market «agony.» Thus, they argue, these restrictions, recently adopted by the National Bank, have thrice contributed to inflation of the ruble for less than two months. According to them, the authorities cannot eliminate the «black» currency market, because people need currency for work, and new restrictions will only lead to a new drop in the national currency.

Experts fear that if the National Bank would not cancel his final decision on the restrictions, then the economy will be completely paralyzed. In addition, they believe that the National Bank does not have foreign exchange resources.

As reported, the National Bank restored the rate fixing restriction on May 24. Now + / -2% limiting values ​​of exchange rates for FC purchase-and-sale transactions in the OTC and cash market cannot differ from the rate of National Bank.

Meanwhile, the official dollar exchange rate is equal to Br4.93 on May 24. That is, the devaluation of the ruble against the dollar has recently amounted to 56.26%.

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