MAY 25, 2011 -- Belarus Devaluation Spreads Panic

MINSK, BELARUS

A sharp devaluation of the Belarusian ruble has spread panic throughout the country, with people sweeping store shelves and queuing up at currency exchange offices on Wednesday in a desperate attempt to protect their savings.

President Alexander Lukashenko promised that the national currency will remain stable following the devaluation enacted a day earlier, but experts warned the Belarusian ruble will continue its nosedive if Russia doesn't provide a quick bailout.

The ruble lost nearly half of its official value against the dollar Tuesday, when the National Bank ordered a devaluation. The new official rate is 4,930 rubles per dollar, up from the previous 3,155 but the perceived value of the local currency is much lower -- on the black market it takes 6,000 rubles to buy a dollar.

To make matters worse, there is a physical shortage in the country of dollars and euros, which companies and households desperately want to own to protect themselves from a worse devaluation in the future.

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SEP 14, 2011 -- Belarusian Ruble Almost Thrice Depreciated YTD

MINSK, BELARUS

Following the additional trading session at the Belarusian Currency and Stock Exchange on September 14, the Belarusian ruble, compared to December 31, has fallen by almost three-fold. Thus, ruble-to-dollar rate has fallen in 2.87 times (from Br3 thousand to Br8.6 thousand per dollar), while against the euro – in 3.05 times (from Br3.97 thousand to Br12.1 thousand), the Russian ruble - in 3.1 times (from Br98 to Br305).

The devaluation of the Belarusian ruble against foreign currency has amounted to 186.7%, 204.8% and 211% YTD respectively.

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SEP 14, 2011 -- Belarus Currency Plummets After Free Float

MINSK, Belarus (AP)

The Belarusian currency plummeted in value Wednesday after the government allowed a limited free float in a bid to ease the country's spiraling financial crisis. Residents desperately tried to buy other currencies but few were to be found.

The Belarusian ruble weakened sharply to 8,600 rubles to the dollar compared with the official rate of 5,347 rubles. On the black market, the battered currency had been trading around 8,000 per dollar.

Belarus is mired in its worst financial crisis since the 1991 fall of the Soviet Union. Authoritarian President Alexander Lukashenko's government already had devalued the ruble by some 50 percent this year, causing panic buying of staples and huge lines at foreign exchange offices.

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