Roaring public demand for the currency in Belarus will soon subside. This was stated by chairman of the National Bank of Belarus Petr Prokopovich, commenting on the current situation in the foreign exchange market. "Banks are meeting the demand for currency today. I think it may take several days and people will calm down, "raids" on the exchangers will end," said the head of the National Bank.
«Current problems in the foreign exchange market are highlighted in the media and the Internet. Information about devaluation are periodically thrown into masses. Thus, unsubstantiated rumors about the devaluation of national currency appear in the society, said Petr Prokopovich, BelTA informs.
With regard to the IMF recommendations for the sharp devaluation, the head of the National Bank said: «We are conducting our monetary policies.» According to the NBB head, Belarus has no agreement with the IMF and there are no obligations to the Fund. «Our monetary policy is approved by the presidential decree, within which we are working,» said Petr Prokopovich.
Terms for Funds Reservation to Purchase Foreign Currency at Exchanges Rose up to 30 Days
In addition, as described in the information department of the National Bank of the country, in accordance with the decision of the Board of Belarusian Currency and Stock Exchange of 16 March 2011, terms for funds reservation in the Belarusian rubles for the purchase of foreign currency at the exchange trading have temporarily risen up to 30 calendar days.
Currently, the terms for funds reservation to purchase foreign currency at the exchanges are two days.
«The purpose of the decision is to consolidate the bulk of supply and demand of economic entities on the OTC market, told the National Bank. — This will increase the role of market mechanisms for aligning supply and demand, thereby reducing the volume and effectiveness of intervention policy of the National Bank on the domestic currency market, and increase opportunities for more efficient allocation and use of foreign resources in the economy.»
In this case, the National Bank pointed out that the possibility of a free purchase of foreign currency by economic entities either at the exchange or on the OTC market was preserved. «Banks are going to constantly meet public demand for foreign currency through their own funds and, if necessary, through the acquisition of foreign currency from the National Bank for the purpose,» told in the NBB.