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.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.