Belarus ruble sinks 20 percent, shocking citizens

[formercia]

http://finance.yahoo.com/news/Belarus-ruble-sinks-20-apf-13952592.html


National Bank in Belarus devalues currency 20 percent to get IMF loan; citizens shocked

* Yuras Karmanau, Associated Press Writer
* Friday January 2, 2009, 11:07 am EST


MINSK, Belarus (AP) -- Belarus' central bank sharply devalued the Belarusian ruble Friday, allowing the currency to plunge 20 percent to help stop the hemorrhaging of its reserves. The move came as an unwelcome shock to ordinary citizens.

The National Bank said the devaluation was aimed at raising the competitiveness of the Belarusian economy, which has been battered by the global financial crisis. It also was a condition of a $2.5 billion loan from the IMF announced Wednesday.

In the past six months the National Bank has spent about a quarter of its gold and hard-currency reserves keeping the Belarusian ruble stable against the dollar, euro and Russian ruble. The bank said its reserves stood at $3.8 billion on Dec. 1.

--snip--

So much for the Workers' Paradise, no immigration problem and lots of White people.

[ChairmanAgnostic]

1. they will rename it "rubble" as part of their financial overhaul.

[formercia]

2. I like it

:rofl: