National Bank allowed banks to add to the official exchange rate of 10%

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Purchase and sale of foreign currency between banks and business entities can be perform at such rate as may deviate from the official exchange rate does not more than 10 percent.

In a press release, "On the development of the OTC market," National Bank has sent to banks its new guidance on the currency market. National Bank wants to reduce the load on the stock exchange market sector, transferring most of the sales transactions outside the stock exchange. These measures are intended to "enhance the ability of banks to meet the demand of Belarusian enterprises in the foreign currency."

National Bank to give the message in full:

"From the beginning 2011and the National Bank is working to improve the functioning of the internal mechanism of the foreign exchange market Republic of Belarus. For example, in the development of this market emphasis on its OTC segment, which can be redistributed up to 70 percent of the funds in foreign currency transferred to the accounts of companies from the export of goods and services. OTC foreign exchange market in the near future should be the most liquid and capacious part of the domestic foreign exchange market on which the enterprise demand for foreign currency will be met by banks on market principles as promptly and in full.

The relevant recommendations of the National Bank Republic of Belarus sent a letter to banks from 2011/03/29 № 31 16/99 "On establishment of foreign exchange rates," which prompted the purchase and sale of foreign currency between banks and business entities to make the exchange rate, which may deviate from the official rate by no more than 10 percent.

Implemented measures will enhance the ability of banks to meet the demand of Belarusian enterprises in foreign currency, will increase the interest of exporters in the implementation of its foreign currency revenue, and will help to create the conditions necessary for increased state reserves and achieve external balance in the long term. "

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