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 Belarus Devalues Currency By 36%

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Belarus Devalues Currency By 36% Vide
PostSubject: Belarus Devalues Currency By 36%   Belarus Devalues Currency By 36% Icon_minitimeTue May 24, 2011 8:32 pm
Shops in the capital Minsk lie empty as Belarus runs out of hard currency to buy foreign goods Belarus has cut the official value of its currency against the dollar by 36%.

The rouble is not freely convertible, with currency transactions controlled by the country's central bank.

The dollar now buys 4,930 roubles at the official rate, up from 3,155 - but still well below the freely-traded interbank rate of about 7,000 roubles.

The country faces a severe financial crisis, thanks to a large trade deficit and rapidly falling hard currency reserves.

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