Iosub: two barely interrelated markets formed
Dollar exchange rate on the Belarusian Currency and Stock Exchange was on its way down for the second day in a row. On January 15, dollar fell by 10 rubles, January 16 - by 80 rubles. However, currency never appeared in exchange offices.
The reason was the limit for banks - exchange rate should not deviate by more than 2% from the National Bank rate. This was what the financial analyst of the official Alpari partner in Minsk Vadzim Iosub told Euroradio:
Iosub: "When selling the currency in exchange offices, the banks should put the rate (if we talk about the dollar and the euro) within +/- 2% of the official rate on the market. It is simply not profitable for tem in the face of uncertain rate dynamics, high volatility, drastic daily rate changes... They are not ready to sell the currency to the population, and then buy it on the stock exchange, fearing they may incur losses".
The expert said that the result is a formation of two barely interconnected currency markets. In the non-cash currency market, the demand is growing, so the rate there is going down. But it is unprofitable for the banks to tranfer currencies in the cash market, so money never appears in exchange offices.
The way out of this situation, according to Vadzim Iosub, is in the abolition of the 2% restrictions on the currency sale for banks.
Photos - myfin.by