Commercial banks “guessed” the new ruble exchange rate?

• 11.05.2011, 10:56

Commercial banks are supposed to establish an exchange rate based on demand and supply after restrictions on the foreign cash were lifted.

However, all currency exchange offices in Minsk set a rate of 3,990-4,000 Belarusian rubles per dollar. As charter97.org thinks, this unanimity is connected with a “recommendation” of the National Bank not to establish a rate higher than 4,000 rubles per dollar.

We remind that the Belarusian ruble exchange rate on the over-the-counter interbank market exceeds 5,000 rubles per dollar.

Taking into account that compulsory selling currency earning of exporters at the stock exchange has not been cancelled yet, and exporters have to sell their currency to close to authorities business at a rate of 3,060 rubles per dollar, the effect of the ruble rate decline on the cash market cannot solve the problem of multiple exchange rates.