Belarus devalues currency by 30%
2011-05-13 16:09:52
National Bank of Belarus will devalue its currency, the ruble, by 30 percent and lift restrictions on foreign exchange rates for individual transactions.
The bank said in a statement Wednesday the use of market-based approaches would help meet people's demand for foreign currency.
"It will make the further active purchase of foreign currency senseless," the bank said, referring to speculative buying of foreign currencies in expectation of exchange rates changing.
Russian Finance Minister Alexei Kudrin has recommended Belarus seek aid from the International Monetary Fund (IMF) and privatize its state-owned enterprises.
The IMF approved the decision of the Belarus to deregulate the currency exchange rates.
"We support the decision of the National Bank. It's a step in the right direction, which we hope will lead to the unification of exchange rates in all market segments," Natalia Koliadina, head of Mission Fund in Minsk, said.