Support The Moscow Times!

Belarussian Ruble Sinking

MINSK — The Belarussian ruble lost more than a third of its value against the dollar Wednesday after the central bank introduced a free floating exchange rate for trade between banks.

The currency soared to 4,800 to 5,300 rubles per dollar on the interbank market, bankers said. This compares with the official exchange rate of 3,074 rubles per dollar.

While the freeing up of the interbank rate makes foreign trade easier, the move will have little impact on ordinary Belarussians, who have to queue for hours at exchange points to buy dollars and other currencies at tightly regulated rates. Exporters still have to sell 30 percent of their foreign currency revenue to the central bank at the official rate.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.