NBRB expects BCSE additional session to fix foreign currency problems

MINSK, 9 September (BelTA) – The National Bank expects that foreign currency will be available at exchange booths a day or two after the additional session on the Belarusian Currency and Stock Exchange (BCSE), Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Taras Nadolny said in an interview to national TV channels.

Taras Nadolny noted that at the additional session banks will buy foreign currency for exchange booths without restrictions. When setting the foreign currency exchange rates at exchange booths the banks will be guided by the rates of the additional session. 

According to Taras Nadolny, “even if the banks do not buy foreign currency directly for their exchange offices at the additional session, all the same they will be guided by what is happening at the additional session when setting their exchange rate. This will stimulate the inflow of foreign currency to the exchange booths,” Taras Nadolny is convinced.

According to Taras Nadolny, the NBRB believes that exchange booths will get foreign currency soon after the additional session. “I think, exchange booths will get foreign currency in a day or two. And later, when we achieve the uniform exchange rate at the additional session and there will be no serious swings within one or two trade sessions, banks will support exchange booths via the additional trade session,” Taras Nadolny said.

When asked about that the market-driven Belarusian ruble exchange rate might be, Taras Nadolny said that it is too early to make estimates. “The exchange rate will be higher than the existing official exchange rate for some time,” he stressed. In the future the exchange rate is expected to go down and equalize. “I think the maximum exchange rate which will prompt us to interfere will be dramatically different from the current official exchange rate,” the expert concluded.