Belarusian ruble still in free fall

Photo Iryna Arakhouskaya /

The Belarusian ruble has fallen against Western currencies at the trading session on March 23.

The dollar rate on the BCSE had already increased by 3.09% to 26.383 BYN, while the euro — by 2.48% to 2.8307 BYN. The rate of a hundred Russian rubles fell by 0.26% to 3.2675 BYN.

Rates in commercial banks are also growing. Thus, Belinvestbank set the highest dollar rate at 2.803 BYN, while the euro is now being sold at 3 BYN by Bank Resheniye.

There is no limit to the rate decline

Nobody knows how long the ruble will depreciate, said senior analyst of Alpari Vadzim Iosub in a comment for According to him, the national currency rate depends on both external and internal factors.

“External factors are the decline in oil prices and the fall of the Russian ruble against the dollar. Internal factors are the imbalance between the supply and demand for the currency. Here, most likely, the demand has grown while the supply has decreased,” noted the economist.

At the same time, he said, there are no boundaries to which the dollar rate could rise.

“There is no magic formula that would show that the rate can grow up to 3 BYN or 5 BYN, and then it will stop. There are no such borders and there is no place for them,” stressed Vadzim Iosub.

However, he added, this does not mean that “the dollar will grow to infinity” in the coming years. It means that it’s impossible to calculate this border. According to the economist, there will be some actual border and even brief rebounds and a longer turn and decline, but it’s not known when it will be.