Demands for foreign currency far exceeds supply

• 26.01.2010, 12:50

Demand for foreign currency far exceeds supply at the Belarusian Currency and Stock Exchange that is similar to the situation a year ago. Moreover, on January 26, the dollar repeated the record of last July.

The newspaper “Nasha Niva” gives these data:

On January 26: the demand was 37.0 million dollars, demand was 5.1

January 25: demand 48.1 million dollars, supply 8.5

January 22: demand 31.9 million dollars, supply 32.3

January 21: demand 29.0 million dollar, supply 7.2

January 20: demand 22.1 million dollars, supply 5.3

January 19: demand 47.6 million dollars, supply 10.6

January 18: demand 25.6 million dollars, supply 4.1

As the paper notes, this is a clear sign that export income to Belarus remains very low. If the situation does not change, the National Bank can devalue the Belarusian ruble again.

Lukashenka said at the end of last year that the country wouldn’t need IMF loans in 2010. It seems however that only new loans can meet the current account deficit of Belarus. Moreover, Russia’s intention to reduce subsidizing the Belarusian regime in oil industry was another impact.

On January 26, the dollar repeated the record set up in July 2009. The National Bank announced the currency exchange rate for tomorrow equal to 2882 rubles per one dollar. What to the exchange rate in exchange offices, the American dollar costs more than 2900 rubles.