Multiple exchange rates to be legalized in Belarus

An additional trading session will opened in the middle of September to set the Belarusian ruble exchange rate on demand and supply basis.

“The exchange rate of the Belarusian ruble will be determined on the basis of demand and supply, as it happens with any other good. We do not plan to artificially support the exchange rate,” Lukashenka said Tuesday at a meeting on social and economic issues, Interfax-Zapad news agency reports.

“I agree with the proposal of the National Bank to open a special trading session in the middle of September – on September 12, 14 and 15. It will give an opportunity to buy and sell dollars, euros, Russian rubles and other foreign currencies freely,” Lukashenka said. He also offered the government and the National Bank to “take currency exchange under tight control”.

The head of state continued that “the exchange rate determined at the regular trading session will be used to pay for gas, electricity and other urgent needs”. The president also notes that he signed a decree canceling “all benefits regarding the compulsory sell of currency”.

He stressed: “All currency exchange offices will be obliged to sell and buy foreign currency to individuals at the market rate.”

Addressing the heads the State Control Committee and law enforcement agencies, Lukashenka set a task to establish strict control over “foreign cash speculators, who whip up tension.” “This regards the media, too,” Lukashenka added.

The ruler also demanded that the National Bank “provide daily monitoring and interfere resisting attacks of speculators”. “You have means to do this,” Lukashenka said.

According to him, “all people who want to buy foreign cash, especially in Minsk city-hero, will be given this opportunity”.