Sale of foreign currency for import banned at stock exchange in Belarus

Belarusian Banks, both state-run and commercial, refused to accept requests for buying foreign currency to pay for import contracts.

However, it doesn’t concern advance payments. Some state-run banks send their clients to the local authorities to agree upon requests for foreign currency buying.

An AFN’s source close to banking circles confirmed that the National Bank of Belarus forbade today sale of foreign currency at the Belarusian Currency and Stock Exchange till June 1, except for paying for medical suppliers, referring to secret regulation of the Council of Ministers and the National Bank of Belarus #388 of March 30, 2009, not included in the national legal documents register.

The banks are recommended to satisfy their clients’ requests on kerb market. A reaction of the market was immediate – the rate at interbank currency exchange has reached the level the rate of the National Bank of Belarus +4%, but the banks were reminded about another recommendation of the National Bank – the rate at the interbank currency exchange shouldn’t exceed “the official rate of the National Bank +2%”.

The situation now resembles a slight panic. Everyone waits for a letter of the National Bank that will explain the further policy of rate forming.

The National Bank doesn’t give any comments now. What can be commented in the situation when the National Bank gave an informative an answer “We don’t know” to a reasonable question “What will happen after June 1?”