Dollar fixed at Br11800, euro-Br14380

(Updated) At the same time the National Bank reduced the exchange fee to 20%.

On December 29 the U.S. dollar rate has increased by Br770 and fixed at Br11800 in the Belarusian Stock and Currency Exchange. The euro has increased by Br980 and now traded at Br14380.

The Russian ruble has increased by Br4 and now traded at Br206.

At the same time the National Bank has reduced the exchange fee to 20%. Thus, the currency exchange rate has held the same positions as it was last week.

The decision on exchange fee reduction is adopted by the Board of the National Bank based on the financial and currency market normalization, the website of the National Bank writes.

"The implementation of decisions taken by the Government and the National Bank of the Republic of Belarus on December 19, 2014, prevented the development of negative trends in the financial sector of the Republic of Belarus. Operations on purchase and sale of foreign currency with banks are being carried out in the ordinary course, most currency exchange offices and banks are provided with sufficient volume of foreign currency. There is an influx of term deposits in national currency.

The decision on the exchange fee reduction to 20 per cent accepted from December 29, 2014 due to the similar decline of the tax rate on stock market tradings for the purchase of foreign currency (the Decree of the Council of Ministers of the Republic of Belarus from 27.12.2014 No. 1251), as well as the changes of the official exchange rate of the Belarusian ruble against the U.S. dollar, made up about 7 per cent at the Belarusian Currency and Stock exchange at the results of tradings on December 29, 2014. Simultaneous implementation of these measures will increase the amount of funds in Belarusian currency received by exporting enterprises by surrender of foreign exchange proceeds in the Exchange market, and will not lead to increase of the effective exchange rate acquisition for population and enterprises.

As far as positive trends in the financial market gain ground, the further steps on the reduction of exchange fee with the purchase of currency by population will be taken", the statement says.

The increase in the exchange rate coincided with the appointment of a new Chairman of the National Bank of the Republic of Belarus. Pavel Kalaur has adhered to unitary rate since early 2000s.

It should be reminded that Pavel Kalaur has taken the position of Nadzeja Yermakova as the Chairman of the National Bank of the Republic of Belarus. Earlier he worked in the position of the Chairman of Board of Belvneshekonombank and from 1993 to 2010 worked as the Deputy Chairman and then as the first Deputy Chairman of the National Bank of the Republic of Belarus.