Belarus: Belarussian ruble tumbles at the onset of 2016
February 4, 2016
The Belarussian ruble (BYR) plummeted at the start of 2016, declining sharply against the U.S. dollar. On 2 February, the BYR reached a new all-time low against the greenback, ending the day at 21,675 BYR per USD. This was 16.4% weaker than the level observed on the same day of the previous month and represented a 39.0% depreciation in the year-over-year.
The ruble’s weakening has come largely on the back of currency weakness in Russia, Belarus’ main trading partner. In addition, a lack of international reserves, which have fallen below three months’ worth of imports, and have likely limited the Central Bank from supporting the ruble.