Belarus officially acknowledges devaluation of its currency

The devaluation of the Russian ruble and some statements made by the Belarusian authorities have led to panic on Belarus’ foreign currency market. In order to mask devaluation, a 30% tax on buying the foreign currency has been introduced until February 1st. However, the National Bank has not waited until February, and instead introduced a unified buying rate for foreign currency. With the help of this new method of price assessment, the National Bank is trying to minimize the losses of gold and forex reserves. This might lead to the Belarusian ruble further devaluing.

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