National Bank has confirmed: 20 October is the beginning of a new devaluation
18 октября 2011, 19:41
"In accordance with the plan of activities of the Government and National Bank of Belarus on introduction a single balanced rate of Belarusian ruble in all segments of the FX market as from October 20, 2011, at the Belarusian Currency and Stock Exchange starts to function the single trading session," says the statement of the National Bank.
The single trading session will be used to sell and buy foreign currency by actors of currency transactions, including the mandatory sale of foreign currency. Set by the Board of NBRB from № 89 of 22 March 2011 the practice of priority purchases of foreign currency (to pay for medical products, natural gas and electricity) is canceled.
At the single trading session of BCSE the exchange rate will be set by supply and demand using a fixing method. The National Bank plans to keep its currency interventions down to a minimum for the sake of smoothing out sharp exchange rate fluctuations.
The fixing exchange rate at the single trading session will be the official rate of the National Bank the day after the trading session. Limits for value fluctuations of the basket of currency set for the year 2011 are canceled.
The over-the-counter market regulations won't be changed. It will be used for:
- purchase of foreign currency by banks from the actors of currency transactions amounting to not more than the lot set at the stock exchange of one of the foreign currency per day for each actor of currency transactions;
- selling of foreign currency by banks or the actors of currency transactions amounting to not more than the lot set at the stock exchange of one of the foreign currency for each contract (transaction, operation), but not more than the lot set at the stock exchange per day for each actor of currency transactions;
- buying and selling of foreign currency between banks, between banks and non-resident banks.
"Currency exchange transactions involving individuals under the current legislation will be implemented without restrictions", says the statement of the National Bank.
Today the official exchange rate was Br5730, while at the extra session the dollar amounted to Br8890. What will be the free rate, no one is going to predict now. But all experts are convinced, the official rate of the national currency will tend towards the market one.