Belarusians Rushed To Exchange Offices

• 6.03.2020, 12:48

The demand for currency exceeded the offer by $170 million.

In the first two months of the year, people bought in the domestic market by $172.8 million more than sold.

According to the National Bank, in January-February, the population bought $1.66 billion in foreign currency (cash and non-cash) and sold $1.49 billion. Separately, in February, the purchase amounted to $875.8 million, while the sale - $747.8 million, Naviny.by reports.

Accordingly, in February, the population's demand for foreign currency exceeded the offer by $128 million. In January, the population bought more foreign currency than sold it by $44.8 million.

Thus, the net purchase of foreign currency by individuals in February increased by almost 2.9 times compared with January.

The U.S. dollar rate is rising in Belarus, which may lead to increased devaluation expectations in the society. Thus, the dollar rate rose by 6.2% to Br2.24 in January and February.

According to financial analysts, the rise in the dollar is caused by the situation in the world with the coronavirus.

"Coronavirus has reduced the potential demand in Asian markets. Accordingly, oil prices have recently been going down and, as a consequence, the dollar is becoming more expensive both in Russia and Belarus," - development director of MTF Brokers Aliaksandr Sabodzin explains the current situation.

According to him, if oil falls in the world market due to unfavorable conditions, the impact on the Belarusian ruble rate will definitely be negative.

"The Belarusian ruble exchange rate will depend largely on external factors. If, God forbid, the oil price goes down to $40 per barrel in the world market, the Belarusian ruble will have to be in the trend," - Sabodzin assumes.

Since the beginning of the year, the price of Brent oil fell from $68 to $51 per barrel against the background of the coronavirus situation.