Ruble devaluation spreads panic among Belarusians

10:09, May 26, 2011      

Email | Print | Subscribe | Comments | Forum 

The devaluation of the Belarusian ruble has spread panic throughout the country, with people clearing store shelves and queuing up at currency exchange offices trying to protect their savings.

Belarusians are trying to get rid of their rubles by buying consumer goods and even stocking up on food supplies. Other people spent several weeks in lines outside exchange offices in order to pay back currency loans to banks.

Most Belarusian state-owned industries and the government are trying to keep its currency reserves for vital imports as gas, oil, medicine.

Belarusian President Alexander Lukashenko promised that the national currency will remain stable following the devaluation enacted a day earlier, but experts warned the Belarusian ruble will continue to weaken if Russia doesn't provide a quick loan.

Russian Finance Minister Alexei Kudrin said Tuesday that Belarus can get the total of 3 billion U.S. dollars in loans from Eurasian Economic Community over the next three years, including the first 800 million that could be delivered next month. He added that Belarus could earn another 7.5 billion U.S. dollars by privatizing its industries, most of which are state-owned.

The Belarusian ruble fell in value against the dollar currency by 55 percent following the devaluation and the World Bank said this devaluation was a world record in the last 20 years. The new official rate is 4,930 rubles per dollar, up from the previous 3, 155. But the perceived value of the local currency is much lower - on the black market it takes 6,000 rubles to buy a dollar.

Source: Xinhua
Wen Jiabao attends trilateral leaders' meeting of China,Japan and ROK
The Third China-U.S.Strategic and Economic Dialogue
  Weekly review  
May 20   World Economic Forum China office marks fifth anniversary
May 18   China, Pakistan joined in bonds of brotherhood
May 20   'Central axis' of Beijing applies for world cultural heritage
May 20   In pictures: Int'l 'Financial Security' symposium opens in Beijing
May 21   The week in pictures
May 16   Beijing aims for massive influx of overseas talent in 2011
May 16   Singapore election coverage shows Western arrogance
May 16   Chinese naval helicopter conducts target practice in Gulf of Aden
May 17   Strategies for harmony between militaries of China, US
May 17   Pakistani Prime Minister hails China as true friend


  • Do you have anything to say?


Special Coverage
  • 3rd Anniversary Of Wenchuan Earthquake
  • Third China-U.S. Strategic and Economic Dialogue
Major headlines
Editor's Pick
  • Federer moves into third round at French Open
  • Disney musical "Mickey's Rockin' Road Show" staged in Taipei
  • Large number of cultural relics excavated from 'Nan'ao No.1'
  • Security tight ahead of G8 summit
  • Sweets and Snacks Expo 2011 held in Chicago
  • Greek protesters at massive protest on austerity measures
Hot Forum Dicussion