BELARUS NEWS AND ANALYSIS

DATE:

02/01/2009

Central Bank of Belarus Allows Currency to Fall 20%

By THE ASSOCIATED PRESS

Belarus's central bank sharply devalued the country's ruble, allowing the currency to plunge 20 percent, to help stop the hemorrhaging of its reserves. The bank said the devaluation was aimed at raising the competitiveness of the economy, which has been battered by the global financial crisis. It also was a condition of a $2.5 billion loan from the International Monetary Fund. The loan was announced Wednesday. In the last six months, the bank has spent about a quarter of its gold and hard-currency reserves to keep the Belarusian ruble stable against the dollar, euro and Russian ruble. The Belarusian ruble is now trading at 2,650 to the dollar, 3,703 to the euro and 90.6 to the Russian ruble.

Source:

http://www.nytimes.com/2009/01/03/business/03bizbriefs-CENTRALBANKO_BRF.html?ref=business

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