bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Monday 30.05.2016 | Name days: Lolita, Vitolds

Panic ensues amongst Belarus residents after 56% devaluation of national currency

FaceBook
Twitter
Draugiem
print
(+1 of 1)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUBelarus National Bank has announced 56% devaluation of its national currency – the Belarusian rouble, thus evoking panic amongst Belarus’ residents, hurriedly stocking up food and other goods.

According to the National Bank, Belarusians spent Monday, May 23, nervously queuing to buy up food and petrol because from Tuesday, May 24, it will become on average 20% more expensive and diesel will spike 24%, reports BBC.

The currency was devalued to replace several Belarusian rouble rates with one and reduce the pressure on the national currency. From May 24, the exchange rate against the dollar will be 4 930 roubles, but against the euro – 6 914.82 roubles, meaning the roubles will drop 56.3% and 53.1% against the dollar and the euro, respectively.

The National Bank dubbed the decision as the macro-economic adjustment aimed at the alignment of internal unbalance and the internal currency market stabilization.

Belarus citizens opt for spending all the available money and savings, considering these funds to be already worthless.

One Belarus resident bitterly indicated his neighbours bought large quantities of sugar and salt during the previous week, but he only laughed at them, because the news on TV said warehouses are full and there will be no deficit.

Regarding money, Lukashenko repeatedly pointed out that in case of devaluation, the population will be timely warned.

The panic caused by people snatching out food, matches, furniture and household appliances occurred in several regions of Belarus already two weeks before the official devaluation.

 

 


Leave a reply

  1. Ren says:

    This is government’s fault –it had to warn the people prior to devaluing the currency.

    Thumb up 0 Thumb down 0

    • bob says:

      Can you please advice me that i am living in Moscow should i do investment in Belarus right now should i buy some apartment over their? in this crises i think the prices of property have devalue. What will you advice me.

      Thumb up 0 Thumb down 0

Week in Lithuania. Lithuania eyes beef exports to Algeria

The Lithuanian and Algerian authorities are finalizing veterinary certificates for Lithuanian meat product exports to the North African country.

Economic Diary of Latvia. Under the sign of China and globalization

This week, Latvian Foreign Affairs Ministry held a discussion for experts dedicated to the Transatlantic Trade and Investment Partnership between the EU and USA.

FM: it is not possible to satisfy all requests from ministries in next year’s budget

Ministries are requesting at least EUR 400 million in the next year’s budget, but it is clear that it will not be possible to satisfy all requests, said Finance Minister Dana Reizniece-Ozola.

Russia extends its embargo on European products until the end of 2017

Moscow has decided to extend the embargo established on imports of agricultural products from EU member states and other western countries until the end of 2017, as announced Russian Prime Minister Dmitry Medvedev.

Weather in Latvia to become warmer at the end of May

May in Latvia will conclude with warm weather. Hot days are also expected. At the beginning of June, however, colder masses of air will enter Latvia again for a few days.

Construction costs down 1.2% in Latvia

Compared to March 2016, the level of construction costs in Latvia reduced by 0.7 % in April 2016. Prices of building materials decreased by 1.6 %, while labour remuneration of workers increased by 0.6 % and maintenance and operational costs of machinery and equipment – by 0.1 %.

Latvia’s population declines by 17.1 thousand during the year

At the beginning of 2016 in Latvia there were 1 million 969 thousand residents. In 2015, population number reduced by 0.86 % or 17.1 thousand persons, while in 2014 population number declined by 0.77% or 15.4 thousand.

Drunken Spanish tourist decides to strip in Old Riga

With weather gradually becoming warmer in Latvia, Riga municipal police receives more and more calls from the Video Surveillance Centre about suspicious people deciding to strip on the streets of Old Riga.

Cherry collective shopping portal shuts down

Latvian and Estonian-based e-commerce company Cherry Media will shut down on Friday, 27 May. All services bought on the portal until now are all bound by contracts and the majority of clients will not suffer losses.

EC calls for creation of virtual currency supervisory taskforce

The European Commission has to create a taskforce to combat the use of virtual currency, like Bitcoin, to launder illegally acquired funds and finance terrorism, noted the European Parliament in its resolution approved on Thursday, 26 May.

Revenue of Latvian Shipping Company increases in Q1 2016

The total revenue of JSC “Latvian Shipping Company” and its subsidiaries in Q1 of 2016 was USD 25.16 million, reaching an improved and stable net voyage result of USD 22.80 million in this period.

Obama visits memorial of Hiroshima nuclear attack

U.S. President Barack Obama has become the first sitting American president to visit Hiroshima, where at the end of World War II, U.S. forces took the lives of 140 000 people in the first ever nuclear bomb attack.

Government selects legal service providers for Rail Baltica construction

The joint Baltic company RB Rail has selected five legal forms that will be providing services during the design and construction of Rail Baltic/Rail Baltica railway line.

G7 united on Russia sanctions and tacking climate change

The leaders of the G7 countries have in a summit in Japan agreed to push for the Paris climate agreement to enter into force in 2016, but sanctions against Russian officials and businesspeople should continue until Minsk agreements are fulfilled.

EP: no one in Europe should be forced to choose between food and heating

In their Thursday’s approved resolution, members of the European Parliament requested giving consumers more influence over the energy market. They propose stimulating collective procurements, energy generation in households, price equalization opportunities and make the process for changing energy suppliers or tariffs less complicated.

Price of oil reaches USD 50

Oil price has this week for the first time this year reached and surpassed USD 50) per barrel under the pressure of supply disruptions.

Installation of Vapor Recovery Unit cumbersome in Ventspils

Ventspils nafta terminals, one of the largest taxpayers in Ventspils and the largest contributor to the cargo turnover in the Ventspils Freeport, is in the process of investing EUR 5 million into the installation of a permanent vapour recovery unit in the port of Ventspils. It was planned to complete the project by November 2017, however, bureaucratic obstacles imposed by local authority Ventspils and Ventspils Freeport Authority are affecting a speedy and efficient execution of this project.

Petersone does not plan to resign from her post

Director General of the State Revenue Service Inara Petersone does not plan to resign from her post in the near future. Petersone informed Finance Minister Dana Reizniece-Ozola of her intention to remain at SRS during a previously unplanned meeting on 26 May.

With Brexit vote nearing, migration to UK record high

With the British referendum on the UK leaving the European Union, official statistics show that in 2015, 330 000 more people have moved to the country than left it.

Opinion: «UGF’s appendix» Lembergs is becoming troublesome for the party

This week marks five years since President Valdis Zatlers historic Order Nr. 2 On the Dismissal of the Saeima. The era after oligarchs – this is one way this period of time for Latvia’s politics can be described. For Andris Skele and Ainars Slesers, two veterans of political business, Zatlers order came as the final nail to hit in the coffin of their political careers, writes Ir journalist Aivars Ozolins.

Lithuanian state railway company Lietuvos Geležinekliai faces unbundling

A state in the state - that is how Lithuania’s state enterprise Lietuvos Geležinkeliai is dubbed - has bumped into a major hurdle along the road. The European Commission, which is about to end the investigation into the dismantling by Lietuvos Geležinkeliai the railway stretch to Renge, Latvia, threatens to impose the Lithuanian railway company a huge fine and obligate it to rebuilt the stretch.

Steinmeier: Germany will fulfil its duty to strengthen NATO’s eastern flank

Germany will fulfil its duty to enhance the security of NATO’s eastern flank, said Germany’s Foreign Affairs Minister Frank-Walter Steinmeier during his visit to Lithuania.

Revalde promises to resist «Lembergs’ pressure»

Gita Revalde, rector of Ventspils University College, who was removed from her post by the college council on Wednesday, calls this decision absurd. She has also challenged this decision in Education and Science Ministry and Education State Quality Service.

Homburg warns State Treasury about litigation against Latvia worth EUR 11.76 million

Dutch investment fund Homburg Eastern European Fund B.V., which represents private investors/pensioners, the owner of Homburg Zolitude and developer of the property in Riga, Priedaines Street 20, has submitted a warning to the State Treasury about the foreign investor’s litigation against the Republic of Latvia.

Foreign investors: grey economy ruins Latvia’s reputation

«Grey economy ruins Latvia’s reputation in the international business environment,» – foreign investors say, adding that the main causes behind grey economy include weak control and incomplete application of legal measures, corruption and political games, insufficient motivation to pay taxes, high income tax and social inequality and comparatively low tax-paying culture in the country.

Newest comments