National Bank Actually Devalued Ruble

11.05.2011 10:58
Архив Редакция

May 11, 2011, National Bank calls off recommendation restrictions on the banks' establishment of exchange rate transactions with the public for buying and selling foreign currency, set at a rate of + / -2% of the official rate. As explained in the National Bank, it is done "in the framework of the phase-out plan for a single Belarusian ruble exchange rate and stabilization of the situation on the domestic market."

The National Bank said that the deficit in the currency in March 2011 was triggered by the increased public demand for cash in foreign currency to buy cars abroad. In addition, the foreign exchange market, according to the experts of the National Bank, was influenced by «various rumors, provoking panic behavior of the population.»

However, the National Bank believes that the use of market-based approaches to the formation of the ruble in transactions with individuals will meet the demand of the Belarusians for foreign currency. In addition, it «will make senseless the further active purchase of foreign currency by population for savings that has occurred recently in connection with the expectation of exchange rate changes,» the National Bank.

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