Belarus dismissed the ruble

The National Bank of Belarus (NBB) from May 11, 2011 recommendation overturned restrictions on the establishment of banks, exchange transactions for the purchase and sale of the citizens of foreign currency. "As part of the phase-out plan for a single Belarusian ruble exchange rate and stabilize the situation on the domestic market, the National Bank May 11, 2011 recommendation overturned restrictions on the establishment of banks, exchange transactions for the purchase and sale of foreign currency with the public", - said the NBB. Until May 11, private banks could not sell the public cash foreign currency exchange rate, which exceeds the official rate of 2%. "The deficit of foreign currency in this market segment was formed in March of this year as a result of the increased demand of citizens for foreign currency for the purchase of vehicles abroad, as well as the proliferation of various rumors, provoking panic behavior of the population", - said the NBB. According to news agencies, after the lifting of restrictions on the National Bank of the dollar, offered by banks to deal with a population of about 4000 rubles. This practically corresponds to the shadow exchange rate of the ruble, which is 30% higher than the official (about 3000 rubles per dollar). Currency crisis began in the republic in December 2010 when the Belarusians started en masse to buy up the currency, expecting the devaluation of the local rate. To ensure that the demand for dollars, euros and Russian rubles, the Belarusian authorities were forced to sell off a significant portion of international reserves. In 2011, they have also introduced a number of restrictions on buying foreign currency.