After the announcement about special session at Belarusian Currency and Stock Exchange to set the free market value of ruble, the central bank is taking another step to deregulate currency market. A law that obliges banks to sell currencies for a value at most 2% higher than the one regulated by the state, will be lifted.
This decision means that banks will be allowed to sell foreign currencies at rates set by the additional trading session. But the state-regulated rates will also remain in place. Currently one dollar is sold for 5200 rubles, while its black market value reaches even 10 000 rubles.
It is still unclear if such move would solve currency shortage in currency exchange offices. Dzimitry Ivanovich, an independent economist, thinks that the National Belarusian Bank does not have enough means to meet the demand for currencies. – “Information about increase of the currency and gold reserves is not convincing enough. A 300 milion dollars load from Azerbaijan is not enough, and the price of gold may go drastically down.” – he commented.