Belarus devalues currency by 10%: reports

By William L. Watts

LONDON (MarketWatch) -- Belarus on Tuesday effectively allowed a 10% devaluation of its ruble currency in the interbank market, news reports said. In a statement, the National Bank of Belarus said banks "are permitted to buy and sell foreign currency at an exchange rate deviating by no more than 10% from the official rate," The Wall Street Journal reported. The central bank previously recommended banks maintain a 2% range around official rates. The IMF earlier this month said the country's current-account deficit had become "unsustainable," the report noted, and called on the government to limit wage increases, credit expansion and external borrowing. The central bank's official foreign-exchange rates for the ruble on March 30 are 4,273.55 against the euro, 3,038 against the dollar and 106.93 versus the Russian ruble, the report said


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