Minsk, as other cities in Belarus, is suffering lack of the foreign currency

In Belarus will be allowed payments in dollars and euros

National Bank has officially permitted payments in dollars and euros in Belarus. As reported by www.interfax.by, in a letter addressed to the Belarusian banks National Bank permitted payments in dollars and euros when buying certain goods and services.

Among those encouraged to accept payments in foreign currency, in a letter of the National Bank of Belarus are gas station networks, tourist companies, hotels, sanatoriums and boarding houses in Belarus receiving with foreign tourists.

Currently, travel agencies in Belarus use its own rate for selling tours. Different companies may have different rates. For example, on 24 May 2011 Tez Tour operator increased rate of payment for its services up to 8500 rubles per dollar. It is worth noting that on May 17, 2011 exchange rate of payment Tez Tour services was 5500 rubles per dollar.

In this case, sanatoriums and other objects of tourist infrastructure in Belarus, which are members of the "Centrkurort" department, will not increase the cost of living for Russian citizens, who will pay for services in Russian rubles.

Payments in foreign currency in Belarus were banned in 2001, when the Belarusian authorities strived for strengthening of the Belarusian ruble. At the beginning of 2011 Belarus suffered deficit of foreign currency. In May 2011 the authorities announced the devaluation of the Belarusian ruble. Many economists now agree that at present Belarusian economy is on the brink of default. Foreign currency trade in Belarus practically stopped after the National Bank of Belarus decided to limit the size of the margin in conducting foreign exchange transactions up to 2%. Unofficial rate of the Belarusian ruble against the dollar on the black market as of May 27, 2011 is 7000 - 7500 rubles per dollar.

Ilya Kalachev

Date: 29/05/2011