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Monday, April 6, 2020

Belarus plans reopening of country's stock market

The Belarus Bank announced plans Monday to reopen the nation's stock market with a change in how transactions are executed.

The OTC market's activity was suspended in December to allow the national bank to sell off half of its foreign currency reserves and stabilize the exchange market by balancing supply and demand, according to Belarusian News.

During a meeting of national bank officials, the possibility of removing all restrictions in place for transactions over the foreign exchange market was discussed.

"It will help smooth sharp fluctuations in the exchange rate of the Belarusian ruble while maintaining a stringent approach to the use of foreign reserves for foreign exchange intervention," bank representatives said.

The bank also announced equal operation practices and conditions would be kept open for all banks and financial institutions, which would include refinancing and reserves formation. The national bank will monitor the overall banking sector to ensure sustainability and functionality.

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