Floating ruble dives down

During today’s session at Belarusian Currency and Stock Exchange ruble lost one third of its value. Despite previous announcements by Lukashenka that dollar’s value will collapse, one dollar costed 8680 rubles, 35% more than the official rate.

The session held today bears special significance because it will lead to setting a unified currency rate based on demand and supply, rather than administrative directives from the top. Establishing free market floating currency is one of the requirements presented by an IMF fact finding mission which visited Belarus just recently.

The drop in ruble’s value has already added to uncontrolled inflation, which has reached 189% since the beginning of this year.

A press conference with Nadzieya Yermakova, the head of theBelarusian National Bank is to be held today.



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