This content is from: Innovation

Belarus CenBank Stops FX Sales To Banks

The central bank of Belarus has stopped selling foreign currency to the country’s banks to save diminishing reserves.

The central bank of Belarus has stopped selling foreign currency to the country’s banks to save diminishing reserves, The Wall Street Journal reports. The apex bank will not prevent commercial banks in the country from acquiring and trading foreign currency among themselves.

The bank has also asked lenders to fix their exchange rates within several percent of those set by the central bank. The central bank’s foreign currency reserves decreased by 20% in the first two months of 2011 to $4 billion, adds Reuters.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.

Related Content