Belarus 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.