Plans for open off-exchange trade in foreign currency in Belarus

Measures will be taken in the future to fully open the off-exchange currency market and switch the exchange trade to continuous order matching,BelTAlearned from the NBRB Information and Public Relations Office after an expanded participation session of the bank's board.

The source added that the lifting of restrictions on off-exchange trade in foreign currency will be considered soon.

Speaking about the exchange rate policy for 2015, representatives of the National Bank noted: The policy will contribute to smoothing drastic fluctuations of the exchange rate of the Belarusian ruble while preserving harsh approaches to using the gold and foreign currency reserves for interventions.

As far as the interest rate policy is concerned, in 2015 it will be geared towards countering inflation. With this in mind interest rates will stay positive in real terms. The profitability of deposits in Belarusian rubles over the profitability of deposits in foreign currency will be maintained, BelTA has been told.

Apart from that, equal conditions for the operation of all the banks will be maintained, including access to refinancing operations and the formation of mandatory reserves. It is expected to encourage competition. Apart from measures meant to secure monetary stability the National Bank will pay close attention to the stable and safe operation of the banking industry. If necessary, countercyclical regulation measures will be used.

30.01.2015