Belarus has devalued its currency by 36 per cent and imposed capital controls, after some of the world’s tightest monetary policies failed to halt the rouble’s slide against the US dollar.
Natsionalnyi Bank Respubliki Belarus set its official exchange rate for Tuesday at 4.93 roubles to the US dollar, compared with 3.155 on Monday, Bloomberg reported.
The Russian-led Eurasian Economic Community will lend the country at least $3bn in emergency loans, Mikhail Myasnikovich, Belarusia’s prime minister, said last week after meetings with his Russian counterpart, Vladimir Putin.
Until Monday, Belarus resisted devaluation in spite of runaway inflation and a ballooning current account deficit. Now it has bowed to the inevitable.
Stefan Wagstyl
Josh Noble
Rob Minto
Pan Kwan Yuk
Jonathan Wheatley
Heba Saleh