Monday, May 16, Belarusian ruble exchange rate fell from Br5.9 to Br6.3-6.5 thousand per dollar on the interbank market. According to a source, fairly chaotic quotes have established on the market. Meanwhile, the dollar is still keeping at Br4 thousand in the exchange offices of the Belarusian banks.
According to the chief economist of the investment company Renaissance Capital Charlie Robertson, the weakening of the Belarusian ruble exchange rate can have a positive impact on the competitiveness of potash exporters. According to foreign experts, that’s what the exporters now need, reports Dow Jones.
Last week, after lifting of the currency exchange rate recommendations by the National Bank, Belarusian banks set Br4 thousand rate. Sources in the market account such stability of the ruble for tacit recommendations of the National Bank about the maximum allowable rate. Earlier this week, according to a source, there were no new recommendations to keep the rate at a certain level, however, and there was no abolition of restrictions as well, reports Reuters.
Meanwhile, according to Telegraf, National Bank denies information about secret recommendations to prevent selling dollars for more than Br4 thousand in exchange offices.
After the lifting by the National Bank of restrictions on currency exchange rate for currency sales to people, all commercial banks carried out an actual devaluation of the Belarusian ruble by about 30% by May 12 and began to sell dollars at the rate of up to $4 thousand. As a source in banking circles reported to Telegraf, in the event of cancellation by the National Bank of its last recommendation, Belarusian commercial banks are willing to sell dollars at $5 thousand.
