The National Bank of Belarus has devaluated the belarusian ruble for more than 50%

/IRBIS, May 24, 2011/ - The National Bank of Belarus has devaluated the national currency - Belarusian ruble - for more than 50% to 4,930 belarusian rubles per $1. That is reported in the official message of the National Bank spread on May 23. "With the objective of reaching a common equilibrium rate of Belarusian ruble to all segments of the domestic currency market, the National Bank decided to establish on May 24, 2011 the official rate of Belarusian ruble against the U.S. dollar - 4,930 rubles per 1 U.S. dollar, the official rate of Belarusian ruble against the euro - 6,914.82 Belarusian rubles for 1 euro, official rate of Belarusian ruble to the Russian ruble - 173.95 Belarusian ruble per 1 Russian ruble, against other foreign currencies - on the basis of cross rates of foreign currencies to U.S. dollar (decision of 05.23.2011 # 188) ", - was stated in the message. At the same the centrality of the ruble cost of a basket of foreign currencies is being established, equal to 1,810 rubles. The boundaries of permissible fluctuations remain at the level of - 12 percent relative to the fixed central value. "The new centrality of the ruble value of the basket corresponds to the current economic conditions, the expectations of most market participants and is an element of the Government and National Bank macroeconomic adjustment, aimed at the alignment of external imbalances, and stabilization of the domestic foreign exchange market," - was stated in the message. As indicated, in the recent past the prices at which to perform operations on buying and selling in the OTC market, were wide- ranging, and the transactions were targeted, which significantly reduces the efficiency and transparency of the exchange rate formation mechanism and did not allow market participants to make adequate decisions. National Bank pointed out that the establishment cost of a basket at this level reduces the Belarusian ruble against the U.S. dollar to the level of the weighted average rate at which transactions in the OTC market were recently committed (from 16 to 18 May 2011 the average rate of Belarusian ruble to the dollar U.S. ranged from 4,598.36 to 5,683.46 rubles per U.S. dollar), which should ensure a reduction of speculative motives of market participants and limit the further weakening of the Belarusian ruble exchange rate. It is also indicated that in order to level the transactions of purchase and sale of foreign currencies in various segments of the foreign exchange market, as well as reducing the opportunities for speculative trading by individual market participants, maximum rate is established, on which purchase and sale and conversion of foreign currency in the OTC market and the foreign currency can be done. From May 24, 2011, they can not differ by more than two percent in either direction from the official rate of Belarusian ruble, set by the National bank (with the conversion - from the cross-rate, calculated on the basis of the official rate of Belarusian ruble to the respective currencies). The order of bidding on the Belarusian Currency and Stock Exchange remained unchanged, ie priority to meet orders for purchase of foreign currency, established by the Board of the National Bank of the Republic of Belarus fro, March 22, 2011 # 89, is retained. "Maintaining the stability of the Belarusian ruble will be supported by the further steps of the Government and National Bank, aimed at achieving macroeconomic balance in the country" - was stated in the message. [2011-05-24]