NBRB lifts restrictions on foreign currency rates for individuals

"As part of the plan to make a gradual transition to the single rate of the Belarusian ruble and stabilize the situation on the foreign exchange market, the National Bank has abolished restrictions recommended to banks regarding foreign exchange rates for foreign currency transactions with individuals on 11 May," the National Bank informed.

The foreign currency deficit in the market segment in March 2011 was caused by the excess demand of individuals for cash foreign currency to buy vehicles from abroad and rumors stirring up panic among the population.

"The use of market approaches to setting the Belarusian ruble rate for transactions with individuals will help satisfy the demand for foreign currency and make pointless the further panic buying of foreign currency for savings, which has been seen in the recent times in connection with expectations of the foreign currency rate change," the National Bank underlined; Kazinform cites BelTA.

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