May 12, National Bank intends to expand the corridor of fluctuations of the Belarusian ruble to a basket of currencies from 8 to 12%. The corresponding decree was passed by the Board of the National Bank on May 5.
According to the main directions of the monetary policy in 2011, which were approved by a presidential decree, the corridor exchange rate of the Belarusian ruble to the basket of foreign currencies (U.S. dollar, Euro, Russian ruble) is defined in the range of + / — 8% of the central value, which has developed to the beginning of the year.
As explained in the information department of the National Bank's decision to expand the fluctuation band "made in a phased approach of the exchange rate of the Belarusian ruble to the various segments of the foreign exchange market and is aimed at strengthening the capacity of the National Bank to respond to fluctuations in cross exchange rates of foreign currencies included in the basket, as well as to increase the flexibility of its exchange rate policy as a whole. "
At the same time Presidential Decree on Amending the main directions of the monetary policy for 2011 has not happened.
Recall, on March 31 the National Bank announced a moratorium on any decision in the regulation of the foreign exchange market to obtain the promised Russian loans.
At a meeting on April 15, Alexander Lukashenko suggested that complex processes can not be adjusted, for example, only the devaluation of the ruble. "This devalued the ruble, and everything will be fine. Someone will be fine, but someone and not. Example, today we sell cheaper currency for the purchase of medicines, to pay for natural gas and other essential goods. Let's do a devaluation. Which Tomorrow will be the price of all this? "- Said the head of state.
April 19 were removed restrictions on the formation rate of the Belarusian ruble against the dollar in the OTC market. Up until the decision OTC course could not deviate from the official more than 10%. However, the removal of restrictions to the expected revival of the OTC market has not led.
April 22 National Bank representative told reporters, that Belarus will be released on a single exchange rate in May, after the Russian loan. Then in the exchange offices may appear currency.
According to the demand of the Russian leadership Belarusian authorities have prepared a program of macroeconomic stabilization, which is a condition for obtaining credit totaling $ 3 billion — from Russia and from the EurAsEC Anti-Crisis Fund. The program consists of measures of monetary, fiscal policies, structural reforms, and will affect 2012-2013.
Now the legal market of cash currency in Belarus paralyzed because of bank exchange offices deviation from the official rate (on May 6 — 3001 rubles per dollar) can not exceed 2%. Cash on the black market, the dollar is trading in the range of 3.500-4.500 rubles, over the counter — between 5,000 and above.
The need for "some flexibility" of the exchange rate of the Belarusian ruble has repeatedly stated the IMF. The experts urged the National Bank fund to unify the course, noting that mnozhnasts exchange rates could lead to serious problems in the economy.
Central Bank of Russia also stands for greater flexibility of the Belarusian ruble. Atthan there emphasize that we are talking about the exchange rate for the population.
Independent economists and financial experts believe that the measures taken are half-hearted. The Government and the National Bank should identify a single course for all market segments. Mnozhnasts courses contributes to corruption and profiteering.