National Bank admits foreign currency deficit in the country

• 9.01.2009, 8:39

Foreign cash deficit in currency exchange offices is temporal, the National Bank of Belarus thinks.

“Currency exchange offices really lack foreign cash, but banks are trying to provide them with necessary amount of foreign currency to satisfy the demand. Shortage of foreign cash is the result of technical causes, no restrictions in cash selling were planned,” Mikhail Zhuravovich, press secretary of the National Bank, said.

The National Bank explains the reason of this demand for foreign cash is caused by groundless expectations of further devaluation of the national currency.

Besides, individuals transfer their bank deposits in rubles into deposit in foreign currencies. “In this case, individuals lose on conversion and loss of interest in ruble deposits,” Mikhail Zhuravovich said.