Negative tendencies on Belarus currency market slow down

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; Kazinform cites BelTA.

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