Belarus has allowed its currency to devalue by 10%, The Wall Street Journal reports. The National Bank of Belarus has permitted banks to buy and sell foreign currency at an exchange rate deviating by no more than 10% of the official rate.
The move will be applicable only to the interbank market and not to retail exchanges. The regulator had previously suggested banks to stay within 2% of official rates. Belarus has lost 20% of its foreign currency reserves in 2011.
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