Belarus Restricts Foreign Exchange Corridor, National Bank

03.01.2011 11:03
Архив Редакция

One of the main directions of the Belarusian monetary policy for 2011 is the narrowing of the foreign exchange corridor up to + / - 8%. As explained in the National Bank of Belarus, the ruble in relation to the cost of the foreign currencies basket can deviate by 8% from the central value, equal to the cost of a basket, established by early 2011. The exchange band in 2010 was + / - 10%.

Furthermore, according to the main directions of the monetary policy for 2011, the rate of the national currencies is provided for the pegging to a basket of foreign currencies ($, € and RUB), BelaPAN.

According to the National Bank, the ruble decreased by 2% against the basket of currencies in 2010. In particular, the dollar exchange rate fell by 4.79%, the Russian ruble rate — by 3.99%, the euro rate was 2.6%.

According to Telegraf, summing up the year, the chairman of the National Bank Piotr Prokopovich reported on December 23 to the president of Belarus on the banking system’s full implementation of all the indicators of monetary policy in 2010. Piotr Prokopovich says that the national currency is stable, and the ruble has depreciated by 1.5% against a basket of foreign currencies compared with the beginning of the year. Chairman of the National Bank has assured the President that country’s banking system is ready to fulfill the tasks, assigned for 2011.