FX.co ★ Belarusian rouble devaluated

The National Bank of the Republic of Belarus devaluated the rouble by 55% as compared to the US dollar. As Interfax agency informs, referring to sources of the banking sector, the rate for May 24 is 4930 roubles per US dollar, while the rate registered on the stock exchange on May 23 was 3194 roubles. As compared to the beginning of the year, the rate of the Belarusian rouble dropped by more than 60%.
The representatives of the National Bank of the Republic of Belarus did not approve the information of devaluation. According to the official data, the rate of the Belorusian rouble for May 24 has not been found out yet. The website of the national bank has failed to upload at 17:00 (GMT+4).
The Belarusian rouble has been told to suffer devaluation since 2010; however, the local authorities have been expressing their intention to keep thorough control over the national currency rate. These talks were called provocation by officials. Nevertheless, the local companies and individuals have been actively buying dollars and euros which has been putting pressure upon Belarusian international reserves.
The national authorities have been forced to impose a series of restrictions on buying currency and start negotiating with Russia on borrowing a multi-billion loan. In mid-May the representatives of Belarus and Russia announced the results of their negotiations: a USD 3-3.5 bln. loan is to be earmarked from the EuroAsian Economic Community fund. Additionally, Belarusian president Aleksandr Lukashenko stated that the loan may well run up to USD 6 billion as Russia can make an advance payment for certain goods delivery.
Within the framework of easing pressure upon the Belarusian rouble, two exchange rates were introduced in the country: the official one and the other one relying on over-the-counter market. On the over-the-counter market the US dollar is estimated at 8.3-8.4 thousands Belarusian roubles, which is 227% is in line with devaluation, Interfax informs.
Currency trading on the over-the-counter market has initially been limited: the US dollar rate must not be over 4500 roubles. In late April the national bank had to cancel this restriction since currency trading nearly died away.
May 11 the national bank made a release, saying that it removes the limitations on setting the buying and selling rouble rate. Exchangers used to be barred from setting the rate different from the official one by over 2%. This rule has been in force within at least five years.