Belarus Eases Currency Rules

March 24, 2011

MINSK ?€” Belarussian state news agency BelTA quoted Central Bank Chairman Pyotr Prokopovich on Wednesday as saying banks would no longer have to reserve Belarussian rubles 30 days in advance to buy foreign currency.

That requirement was put in place earlier this month. "We will drop the reserve requirements ?€¦ today or tomorrow," Prokopovich said, without explaining the reasons for the reversal. Central Bank sales of foreign currency in cash remain suspended.

Belarussian Finance Minister Andrei Kharkovets held talks Tuesday in Moscow with his counterpart Alexei Kudrin. "The two sides reached agreement on the course of further work to provide the Republic of Belarus with credit resources," the Russian Finance Ministry said. Belarus is seeking a $1.7 billion loan from a Russia-led bailout fund set up by a group of former Soviet states.

(Reuters)

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