Central Bank officially approved multiple currency rates

Belarus returned into the “crazy 1990es”. Several dollar exchange rates are officially allowed in the country now.

In the letter of March 29, 2011 Central Bank ordered to make foreign currency sales contracts between banks and economic players at a rate different from the official one no more than 10 percent. In other words, dollar exchange rate increased to 3,340 Belarusian rubles.

It should be reminded that starting from April 1st the foreign currency will be available for purchase at the stock exchange at the official rate only to pay for medical supplies and imported natural gas as well as to repay foreign currency debts and for other similar purposes.

Since the virtual ban on the purchase of foreign currency at the stock exchange dollar rate on the “black market” reached 3,750-3,800 Belarusian rubles, in some cases even 4,500 rubles. Whether commercial banks will have enough space for maneuvers or the country will face 3 or 4 different dollar rates will be known quite soon.