Negative tendencies in all parts of Belarus’ domestic currency market have slowed down. The fact is confirmed by a report compiled after monitoring the situation, representatives of the Information Office of the National Bank of the Republic of Belarus (NBRB) told BELTA.

Belarus’ central bank and the government are working together to take consistent measures to lay down the groundwork for stabilizing the situation and restoring the convertibility of the national currency in full.

The situation on the cash market was rather stable and calm early this year. The net demand of individuals for foreign currency was insignificant. In March the situation sharply deteriorated. Devaluation fears drove the population to stock up on foreign currency. Individuals buying foreign currency to purchase cars and other imports abroad played a certain part in the situation. As a result, the net demand of individuals for foreign currency skyrocketed to an equivalent of $768.1 million. The NBRB decided to stop interventions on the cash market to preserve the state gold and foreign exchange reserves.

In May-June 2011 the situation on the cash market became comparatively balanced. The volume of transactions started rising. In January-June 2011 banks sold an equivalent of $3,331.5 million to individuals, 12.6% more than in January-June 2011.

In view of the situation the NBRB and Belarusbank decided to sell foreign currency for socially important goals. At present Belarusbank sells foreign currency for individuals to pay for socially important outlays (medical treatment, education and accommodation of students, travels necessitated by an illness or demise of relatives and so on). In May-June 2011 Belarusbank sold an equivalent of about $2.547 million to individuals for these purposes.

At the same time since May 2011 several banks have managed to save some foreign currency from sale and purchase operations with individuals. It has become possible thanks to several factors. Belarusbank has the right not to sell foreign currency in currency exchange offices, which are located at border checkpoints. Individuals can use Belarusian ruble plastic cards for operations abroad. Individuals can now use Belarusian rubles to pay for foreign currency loans.

Belarus’ central bank keeps an eye on the operation of currency exchange offices, including the obligation of Belarusian banks to sell the foreign currency they acquire from individuals. Violations are punished.

Belta