Currency exchange office ran out of roubles after Euroradio had sold $50
However, despite the fact that the dollar exchange rate did not increase at Oct.14 additional session, we have managed to make money on the difference of exchan
Euroradio bought $50 in “Belarusbank” at 9150 roubles per dollar on October 13 – right when the additional session of the Belarusian Stock Exchange was about to close. We wanted to know whether ordinary people could make money on the exchange rate fluctuation.
By the way, the sum of 50 dollars was not chosen accidentally. Many Belarusians received 500 thousands roubles of material assistance at the end of September. As people say, it was “the vegetable sum”. However, we did not spend the money on potatoes or carrots, we bought dollars.
The dollar was not “growing fat” as quickly as we expected on October 13. The banks were ready to buy it for 9100 roubles. That is why we did not manage to make easy money on the same day. We did not sell the dollars and decided to wait for the additional session of October 14.
However, the dollar exchange rate stopped increasing on October 14. The supply corresponded to the demand (the difference was “eliminated” by the National Bank’s $2.7 million intervention). It is explained by the fact that dealers decided that the exchange rate of 9100 was enough to start selling their foreign currency reserves.
Having a rather bad feeling, Euroradio went to town with 50 dollars. The very first attempt was successful! We sold $50 at 9200 per dollar in “Priorbank”.
It is worth noting that “Priorbank” was not happy to get our dollars. “Give me roubles, I have nothing to work with!” – shouted our teller to the other one. “We have ordered the usual sum of roubles today. Where can I get them?”, - replied the other teller.
The dollar exchange rate started decreasing under the influence of the stock exchange 15 minutes later. The banks buy dollars at 8600-9150 roubles per dollar at the moment [1.45 p.m., October 14 – Euroradio’s note].
Thus, Euroradio’s experiment was a success. We made 2.5 thousand roubles. However, money is not the most important thing. We have proved that ordinary people could make money on the exchange rate fluctuation together with banks and big enterprises.
They do not only have this possibility! People must make money on everything they can when the economy is getting liberalized and when market relations are being established in at least some spheres (for example, in the foreign currency market).
Photo by: www.svobodanews.ru.
