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The National Bank of the Republic of Belarus (NBRB) opens today an additional selling session for foreign currency.

The National Bank of the Republic of Belarus (NBRB) opens today an additional selling session for foreign currency. It is to take place at the Belarusian Currency and Stock Exchange after the main session which starts at 11h00 (local time), BelTA has learnt.

According to the bank, starting from 14 September the total demand for foreign currency will be satisfied at the additional session. Any economic entity, using market conditions and without any restrictions, will be allowed to apply for the purchase and sale of foreign currency. The market exchange rate of the Belarusian ruble will be determined by the currency demand/supply ratio at the additional session. The National Bank, however, intends to smooth over any speculative volatility of the Belarusian ruble exchange rate by means of interventions.

The sale and acquisition of foreign currency at the additional selling session will be provided by banks.

Taking into account the exchange rate defined at the additional sales, the banks will set it up for the purchase/sale or conversion of foreign currency at the domestic market.

It should not be expected, however, that starting from 14 September the exchange offices would be freely trade foreign currency at the market exchange rate. At first banks will sell foreign currency to the extent of the currency bought from the population.

At the same time the National Bank of Belarus increases the rate of refinancing by three percentage points to 30% per annum and interest rates on permanent liquidity support operations up to 40% per annum. “The increase of interest rates on permanent liquidity support operations alongside a higher refinancing rate will strengthen the impact of the interest policy on the economy in favor of savings in the national currency and stabilization of the currency market,” the bank stressed.




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