23 May 2011 17:07

National Bank of Belarus devalues currency 36% - sources

MINSK. May 23 (Interfax) - The National Bank of Belarus (NBB) has devalued the national currency 36%.

The NBB set an official exchange rate of 4,930 Belarusian rubles/$1 for May 24, a banking sector source told Interfax. Two other banking community sources confirmed this.

The official rate for May 23 was 3,155 Belarusian rubles/$1.

The NBB is neither confirming nor denying the information.

The ruble closed trading on the currency exchange at 3,194 rubles/$1 on May 23.

The new official rate is 39% lower than it was at the start of the year.

The ruble is trading at 8,300-8,400 to the dollar off the currency exchange.