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Belarus devalues currency

January 03, 2009

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MINSK, Jan 2: Belarus on Friday devalued its ruble by more than a fifth against the dollar as it established a new currency basket made up of dollars, euros and Russian rubles in equal proportion.

The new currency basket was launched with one dollar worth 2,650 Belarussian rubles, representing a 20.5 per cent fall, the Central Bank said in a statement.

A euro was worth 3,703 Belarussian rubles and the Russian ruble was worth 90.16 Belarussian rubles.

Previously the Belarussian ruble was tied only to the dollar, with the dollar worth 2,200 rubles.

In a bid to reassure, the Central Bank said it was taking “additional measures for ensuring the stability of the Belarussian ruble,” including an increase in the refinancing rate, intended to encourage bank deposits.—AFP

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