NBB Devaluates Br 20.5% to Dollar, 20.3% to Euro
OREANDA-NEWS. On 11 January 2008 was announced, that the National Bank of Belarus had devaluated the Belarusian ruble 20.5% against the U.S. dollar to 2,650 Belarusian rubles per dollar, 20.3% against the euro to 3,703 Belarusian rubles per euro and 17.3% against the Russian ruble to 90.16 Belarusian rubles per Russian ruble.
According to a statement of the central bank, Belarus on January 1 changed to a basket peg of the Belarusian ruble. The U.S. dollar, euro and Russian ruble make equal parts of the basket.
The initial Belarusian ruble-denominated value of the basket is 960 Belarusian rubles.
The exchange rate of the Belarusian ruble will remain stable throughout the year – with possible changes not exceeding 5%, the NBB said.
“The new exchange rate ensures a high competitive power of the national economy, which is especially important in conditions of the global economic crisis, and guarantees the stability of exchange rate policies, mostly due to the fact that no serious adjustments will be required in the long run,” the statement reads.
“The new mechanism will enable monetary authorities to manage the exchange rate of the national currency against the currencies of the key trade partners more efficiently and enhance the resistance of the national economy against foreign factors,” the NBB said.