NBRB dispels ruble devaluation rumors

          The photos of an SMS message allegedly sent by the contact center of the National Bank of the Republic of Belarus to warn recipients about the forthcoming increase in the exchange rate of the US dollar and the euro as from 8 January are a blatant provocation and have nothing to do with reality, we learned from Mr Alexander Timoshenko, Head of the Information and Public Relations Office of the National Bank.
He underlined that in 2013 the National Bank will continue pursuing the exchange rate policy, which key principles were in effect in 2012. The exchange rate of the Belarusian ruble will be shaped by the demand and supply of foreign currency with minimal involvement of the National Bank in the process purely for the sake of averting drastic changes.
          Thus, the Belarusian ruble is expected to be weaker if the demand for foreign exchange is high and is expected to be stronger if the demand is weak. “The changeability of the exchange rate reflects only the market mechanism of its formation but does not indicate reasons for the continued shift of the exchange rate in this or that direction,” pointed out Alexander Timoshenko. The stability of the operation of the currency market and the exchange rate will depend a lot on the balanced and effective operation of the entire economy, added the NBRB representative.