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Opinion: Belarus' central bank relaxes currency regulations due to confidence in ruble

Economy 10.01.2018 | 16:07

MINSK, 10 January (BelTA) - The decision to lift the foreign currency restrictions shows that the central bank is confident in the Belarusian ruble, Zhanna Kulakova, Financial Consultant at the TeleTrade company, told BelTA.

“In theory, the abolishment of such restrictions may result in some increased demand for foreign currency on the part of individual entrepreneurs and legal entities. The growth in the demand, in turn, may create some additional pressure on the exchange rate of the national currency. I do not think this will be some significant increase or considerable pressure. Such decisions, given the shortage of currency at the exchange, show that the National Bank has confidence in the prospects of the Belarusian ruble,” the expert stressed.

Zhanna Kulakova noted that even if the exchange rate of the national currency goes through some adjustment, it will become more marketable. “Previously, legal entities and individual entrepreneurs could buy foreign currency for certain purposes only. Now they can do it without any restrictions. If there is any pressure on the ruble this will mean that there is some pent-up demand in the market. The adjustment of the exchange rate, if there is any, will mean that the exchange rate of the Belarusian ruble will be more market-oriented and balanced,” she said

According to the financial consultant, the decision to abolish the foreign exchange restrictions is another step to liberalize the currency market and business doing conditions. “Thanks to this, the business doing conditions will become more favorable. Entrepreneurs will be able to solve their current issues more efficiently and with greater comfort. This can be interpreted as another step to create a more favorable business environment,” Zhanna Kulakova noted.

As it was reported, the National Bank has lifted the restriction regarding legal entities and individual entrepreneurs' access to the foreign exchange market to purchase foreign currency for certain purposes. The corresponding decision has been laid down in Resolution No.538 of 28 December 2017 signed by the Board of the National Bank. The new rules will enter force in a month after the official publication of the document.

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