Belarusian National Bank devalues national currency by over 30%

Belarus’s National Bank has devalued the national currency by over 30 percent, the bank said on its website on Monday.

The Belarusian ruble/dollar rate for May 24 has been set at 4,930 against 3,155 on May 23, which is a devaluation of 36 percent. The Belarusian ruble/euro rate was changed to 6,914.82 from 4,516.38 and the Belarusian ruble/Russian ruble rate to 173.95 from 113.02.

In the first quarter of this year, Belarus’s gold and currency reserves shrank on rumors of the possible devaluation of the Belarusian ruble, which caused acute demand for foreign currency.

Belarus applied for a $1-billion loan from Russia and a $2-billion loan from regional organization Eurasec to stabilize the currency market.

In May, there were four Belarusian ruble/dollar exchange rates in the country, ranging from the official rate of slightly over 3,000 to 8,000.

The National Bank on Monday said it will regulate the exchange rate, banning other banks’ currency exchange offices from selling or buying the Belarusian ruble at rates more than 2 percent above the rate established by the National Bank.

MINSK, May 23 (RIA Novosti)

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