May 12, National Bank of Belarus will extend a corridor of acceptable change of the Belarusian ruble to a basket of currencies (dollar, Euro, Russian ruble) from 8% to 12%. The corresponding decision is contained in the decree № 168 "On the parameters of the exchange rate policy," which was made by the National Bank in consultation with the bodies of state administration on May 5, 2011.
Some financial experts believe that this solution will significantly reduce the official exchange rate, but won’t still affect the situation on the foreign exchange market. A source, close to the National Bank, explained that the decision is more tactical than strategic in nature, AFN.
The source says the cancellation of rate fluctuation corridor is one of the conditions, pushed by Russia for providing loans.
As Telegraf previously reported, according to the main directions of the monetary-credit policy for 2011, the corridor of fluctuations of the Belarusian ruble to a basket of currencies is set within + / — 8%. The last month exchange rate was tight close to the upper boundary of the corridor due to the deteriorating situation on the foreign exchange market. According to the National Bank, it was -7.96% on May 5.
To remedy this situation, April 28, National Bank lifted a tacit recommendation not to exceed the exchange rate of Br4.5 — Br4.6 thousand per dollar in transactions between banks and companies.
