The National Bank denies information about the ban on the sale of foreign currency to the population by commercial banks

August 26, Minsk /BelTA/. The National Bank of Belarus denies media reports claiming that commercial banks are prohibited from selling cash foreign currency to the public through exchange offices. This was reported to BelTA by the Information Department of the National Bank.

"In recent days, a number of Belarusian and foreign media outlets have published reports stating that the National Bank of Belarus has allegedly prohibited commercial banks of the republic from selling cash foreign currency to the public through exchange offices. This information is absolutely untrue," the National Bank emphasized.

The letter from the National Bank dated August 23, 2011, No. 21-18/179, proposing to consider the issue of certain exchange offices and cash desks located on the territory of large shopping centers and markets conducting operations only for the purchase of cash foreign currency with payment in cash Belarusian rubles, with subsequent direction of this currency for sale to the public for payment of socially significant needs, was prepared in accordance with the appeal of the Association of Belarusian Banks and was sent to only six systemically important banks of the country.

The specified decision is primarily related to the need to streamline the situation around exchange offices located in large shopping centers and markets. Monitoring shows that queues of currency buyers are observed in these places. Moreover, the queues consist almost entirely of the same individuals who are highly likely to be purchasing foreign currency for subsequent resale in unregulated segments of the currency market.

"The presence of queues at exchange offices not only hinders the normal operation of the staff of shopping centers and markets but also creates significant inconvenience for their visitors," the National Bank noted. "In this regard, major Belarusian banks that have currency exchange offices on the territory of shopping centers and markets have been given the right, jointly with the management of these trade facilities, to decide whether they want to use the operating mode of exchange offices proposed in the National Bank's letter, and in which specific exchange offices."

All other exchange offices in Belarus, i.e. the absolute majority, will conduct operations for both buying and selling currency.-0-