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Devaluation by almost 40% has taken place since start of the year

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Devaluation by almost 40% has taken place since start of the year
PHOTO: BYMEDIA.NET

The exchange rate of the US dollar as of August 20 is Br 16,498.

As it was informed, in August the fall in the value of the Belarusian ruble speeded up amid the Russian ruble’s fall.

Thus, on August 20 the exchange rate is Br 16,498 per $1, Br 18,337 per 1 Euro, the Russian ruble costs Br 246.3.

Since the beginning of August the fall of the Belarusian ruble to dollar was more than 8%. One dollar cost Br 15,248 then. The Belarusian ruble has dropped to Euro by almost 10%.

Since the turn of the year (as compared to January 1, 2015), the exchange rate of the Belarusian currency to the US dollar fell by 38.6%, to Euro by 26.8%, to Russian ruble by 19%.

Today the National Bank of Belarus has made a statement, explaining the acceleration of the fall of the Belarusian ruble’s exchange rate by “external impulses of the market environment”.

“Over the past period serious changes have taken place at world financial markets, and they have resulted in considerable rise in volatility of a number of key economic indicators. Such indicators of the market as a sharp reduction of global oil prices, considerable weakening of the Russian ruble, Kazakhstan tenge and yuan exchange rates, have in a great measure influenced the home currency market of our country, increased volatility of the Belarusian ruble’s exchange rate to certain currencies,” the message of the PR department of the National Bank of Belarus reads.

However, experts are convinced: “Real economic crisis in Belarus is yet to come”, and it is the result of the economic policy of the government pursued over the past two decades.

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