2023-09-06 11:48:09
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Since the end of last week, the difference between buying and selling “Russia” has been reduced to a minimum in Belarusian currency exchange offices. Although for a year and a half this spread was very large, reaching up to 25%.
Why did banks adjust their exchange rate policy from September 1? This was clarified by ilex.by.
During the liquidity shortage that arose in the financial sector of Belarus in March-April 2022, many banks had a large gap between buying and selling Russian rubles. At an unofficial level, this was explained by measures to protect the domestic foreign exchange market. The fact is that in the spring of last year, the Central Bank of Russia introduced a number of restrictions on the purchase of foreign currency and its withdrawal from foreign currency deposits. As a result, Belarusian banks faced active conversion of Russian rubles into dollars or euros by the Russians. There were risks of hard currency being washed out of the Belarusian market. To prevent this, Belarusian banks also introduced restrictions for non-residents on operations with bank cards.
Despite the fact that the situation in the financial sector soon stabilized, a significant difference between the purchase and sale prices of the Russian currency in Belarus persisted. So, for example, in October 2022, banks sold Russian currency in exchange offices for 4.1 Belarusian rubles per hundred, and accepted 3.1 Belarusian rubles each. Against this background, the journalists asked the Deputy Chairman of the Board of the National Bank Dmitry Kalechits about the motives of the exchange rate policy. He explained this situation by the need to ensure the stability of the financial sector and appropriate strategies for the development of banks.
— The gap in the rates of purchase and sale is associated with the exchange rate policy, which is set by banks in the framework of interaction with customers. They see those flows that are the most profitable for them in terms of banking, in terms of the movement of assets and liabilities, building their strategy with different types of clients,” Kalechits said.
At the same time, the difference between the buying and selling rates of the Russian ruble in Belarusian banks caused bewilderment and put Russian small businesses and tourists in a difficult position, complained Andrey Dudkin, head of the representative office of the Nizhny Novgorod region of the Russian Federation in the Republic of Belarus. In this regard, they wrote complaints to the Central Bank of Russia.
However, gradually the difference between the purchase and sale of the Russian currency in the exchange offices of Belarus decreased. But it still remained high. In the summer of this year, for a long time, almost all banks set the same purchase rate for 100 Russian rubles – 2.7 Belarusian rubles. And they sold Russian money for more than 3 Belarusian rubles.
At the same time, against the background of a significant difference in the Belarusian banks’ rates of buying and selling Russian rubles, a shadow market for the exchange of Russian money began to form. In social networks, people offered more balanced courses. However, such operations are quite risky, since they are prohibited at the legislative level.
From September 1, 2023, Belarusian banks have reduced the spread of buying and selling the Russian ruble to 2%. In some exchangers, the difference was less than 1%.
On the evening of September 4, Belarusian banks bought 100 Russian rubles for 3.25–3.33 Belarusian rubles, and sold them for 3.35–3.38.
The exchange rate of the Russian ruble on the basis of exchange trading on September 4 amounted to 3.3549 Belarusian rubles per 100 Russian rubles.
According to interlocutors in the banking sector of Belarus, since September 1, the exchange rate for the Russian ruble has become “freer” due to a number of factors.
– Now in Belarus and Russia there are enough cash dollars in circulation. There is no shortage. Secondly, in August there was a correction of the exchange rate of the Russian ruble against the dollar. Plus, the holiday season is over, the demand for foreign currency has decreased,” one of the bankers told ilex.
According to sources in the banking sector, against the background of the above factors, the regulator weakened its recommendations on the exchange rate of the Belarusian ruble against the Russian one.
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