Belarus Just Devalued Its Currency By 56%

Tyler Durden's picture

When it comes to currency warfare, one can be polite and gentlemanly about it, like Brazil for instance, which every day, and sometimes on several occasions during the day, will proceed to buy dollars in an attempt to keep one's own currency lower. Or one can do what the Belarus central bank just did, and officially devalue one's currency, in this case the Belarus ruble, by 56% overnight, against every currency out there.

At this point, it sucks (that is a technical term) to be holding any exposure in BYR. Luckily for those who held their "money" in the form of gold and silver, they just got an instantaneous 56% value preservation and a relative boost in their purchasing power with just one central bank announcement. Also, any and all indebted parties who have BYR-denominated debts are throwing one big party tonight, as their debt was just cut by more than half. And yes, the Greeks are jealous with envy.


The National Bank of Belarus (NBB) is sharply devaluing the official rate of Belarusian ruble. The exchange rate as of May 24 was set at 4,930 rubles per dollar. a decrease of 56% from the 23 May.

The National Bank of Belarus has officially confirmed a sharp depreciation of the currency. On its website it has published the official exchange rate of Belarusian ruble: $ 1 - Br4930 (a decrease of 56,3% to the rate on 23 May), 1 Euro - Br6914, 82 (a decrease of 53,1%), 1 Russian ruble - Br173 , 95 (a decrease of 53,9%). The official rate for May 23 was set at 3,155 rubles per dollar.

Earlier, the Belarusian authorities stated that in the near future a unification of the national currency will occur in two phases. "In the first stage decisions will be made to bring down the increased demand, and upon receipt of the loan rate will be formed on the basis of supply and demand, thus lowering the expectations today are still there," - said on May 20, Prime Minister of Belarus Mikhail Myasnikovich.

Meanwhile, representatives of Belarusian banks have criticized the mechanism of devaluation. "The problem is not in the specific value of the exchange rate and in the mechanism. The question is: under whose speculative decisions did the National Bank make this choice?" - Said the agency "Interfax-West" management representative of a bank with Russian capital. In this case, the representative of a state bank believes that "this decision should be viewed as an interim measure." According to him, "the trend is obvious: the official exchange rate will move in the direction of the OTC exchange rate, rather than vice versa."

Earlier, BNB announced the termination of containment of the Belarusian ruble to the retail market: from May 12 to lift restrictions on banks to buy and sell currencies population - 2% of the official rate.

h/t mludwig

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rokakoma's picture

Don't forget the USD cross started from 2.000!

DoChenRollingBearing's picture

OK, I know that I am being VERY rude here, pimping myself...  But, I am re-posting this from another thread because I am trying to decide whether or not to write a blog...

I too regret hijacking this prime real estate, but...  Please don't kick me off, Tyler, for this...

I am considering writing a blog.  This has been going around in my head now for a few days, I have had a lot of time to THINK because my wife has been out of town for over a week.If you are still interested in what I am writing here, please read on...  The below is "cut & pasted" from my one page or so outline of article ideas and other thoughts re my blog.  This IS kind of long, but you will get the general idea of what I have in mind. PLEASE, PLEASE, PLEASE let me know of any interest.  If I do not get anyone interested, I will not go forward...  Please send any comments to my name (moniker) at gmail dot com. Thank you!  And please read on...

My blog will be about a wide variety of subjects of interest to me, but that I hope would be of at least passing interest to some of you.  I intend to write on a fairly wide range of subjects, many of which are listed below.  That list is likely to grow, I hope it does.  I would like to state upfront that I am not really an expert on ANYTHING, really.   One of the purposes of my blog would be to draw into the discussions the opinions of experts.  There are many things I would hope to learn from experts as well as all of you, my friends, virtual friends, family and readers.  YES, I want have a robust Comments Section after each article, because I am NOT an expert on ANYTHING!  I want to learn as well as entertain all of you.  I want Comments on my blog!  Lots and lots of Comments, because you, my dear readers, are a vastly intelligent and knowledgeable group.

My blog will not be in any kind of competition with any other blog, because I can claim only modest expertise on almost any subject I will address.  Below are some topics that may very well be written about soon.  Many of these I know interest SOME of you!  Please be reassured that I do not expect ANYONE to be interested in them all.

Gold, precious metals and “Freegold”

The Really Lousy Economic Situation (“TRLES”)

Wine / beer / liquor

Tai Chi and related

SHTF / TEOTWAWKI (likely to be a crowd pleaser…)

“Personal stories of my life” (funny or nice anecdotes, E & C know many)

Blogging (introductory)

Poetry & Haiku (yes!)


Jokes and humor in general (yes!)

“Guest Posts” (that is, I would like to have YOU to write some of YOUR stuff!)

Ball bearings and similar

Guns & ammo & general military stuff


Evil Banksters (probably another popular one!) / Wall St. Fraud / Evil Empire

South Carolina

Texas and which County is the best!    <--- (could be real hornets’ nest…)


Tourism in Italy!

Tourism in France!

Tourism in Peru!

Tourism in general

Art, music and opera

Astronomy & geology ("Dummies" level, geology includes volcanoes and earthquakes)

Math (yes!)

Fiction (yes!  Some of you know I like to read.)  popular and classic

History (yes!)

Politics in general!

Computer stuff (at the “Dummies” level, for example topics like Facebook, etc.)

Language / Linguistics / Foreign languages

The oil business

The mining business

The banking business (oh wait, I took care of this under banksters above, let me KNOW if you made it this far, LOL)

The Middle East

Europe and Asia in general

Conspiracy theories / Tinfoil Hat stuff (extremely limited, perhaps humorous only)

Nutrition and health

Other topics can be suggested… 


gmrpeabody's picture

ET TU....... DoChen?


YHC-FTSE's picture

I don't understand this at all. In the time it takes to type this all out, you could have actually started your blog. Just do it already, and then pimp it when appropriate like everyone else. Duh.

gmrpeabody's picture

I think he is joking...

I didn't even need the normal <sarc> reminder.

Either that.., or I'm a complete idiot (which is always in play).

YHC-FTSE's picture

A joke? Well, that makes sense, although not terribly funny. Hardy ha ha. 

JNM's picture

Either that, or a really, really mean/funny prank on his friend/enemy, "Moniker".

How many people do you think, e-mailed this guy?

DoChenRollingBearing's picture

To the three who emailed me, I sent you the link.

Due Drop Inn!

YHC-FTSE's picture

I get it now. You're a nut. Without any mates to bounce your ideas off. 


Totally inappropriate waste of space. Oh yeah, good luck keeping your real name a "secret". Duh.

Rick64's picture

 He left his email address, or is that a joke too. I think he's serious.

DoChenRollingBearing's picture

I am serious.  I just made my first post.  Email me if interested.

JNM's picture

Wow, you already made your first post?  Holy-cow.  You are serious.  Good for you.  Good luck with everything.  I really hope, you accomplish all your dreams. 

Have you told your mom yet?  There's actually, quite a long list of people, who probably really want to read you.  Have you made a list yet, of all the people you know?

You should probably e-mail the president, if you haven't already.  Also, consider sending an e-mail, to all the mainstream media outlets. Bloomberg, CNN, CNBC will all definately want to get ontop of reading your blog.  From what I hear, blogs like yours are really threatening their existence.

gmrpeabody's picture

"Have you told your mom yet?"

Damn it.... I almost choked on the olive!

Too funny....


Rick64's picture

Why don't you post the link to the website of your post, and we can check it out.

DoChenRollingBearing's picture

I am using my real name at my blog, not DCRB.  That is why I ask you to send me a message to my above email, so, you know, I can check you out.

As I get rolling with this, I would ask anyone going to my blog NOT to mention my real name here at ZH.

Thank you!

JNM's picture

Oh! Good thinking.

You don't wanna mess around, with randoms and hobos reading your blog.

Secret blogs, are always the best kind of blogs.

DoChenRollingBearing's picture

No, not a secret blog at all.  I just don't want my real name gracing ZH.

Next up, I am telling everyone on my email list and my Facebook friends (a 55 yr old on Facebook?).

JNM's picture

Sounds risky.  You should really, maybe, reconsider the secret blog idea.  It might be best, if NOBODY knows it exists.  Sortof like, you know, if you blog in a forest, and a tree falls on you, does anybody still read the post?

Janice's picture

You should have kept your alter-ego, like Turd Ferguson never know about the wackos....and people can get down-right mean and demanding....ask The Turd.


But here's what I want to talk about on your blog.  If the US prints money, and every other country prints money.....shouldn't it be a win-win for ALL big governments and a screw you to ALL the little people?  Globally, wouldn't everything be the same, except the value of existing debt?  A rising tide lifts all boats.

Janice's picture

I'm with the other poster.....just do it and send us the link.  However, personally,  I would not post everyday.  Maybe once a week...otherwise, no vacations for you.

TooBearish's picture

One of the purposes of my blog would be to draw into the discussions the opinions of experts.  

Hoe the F you gunna qualify these 'experts' in the anonymous ether of the Internet?

Good luck...

tmosley's picture

Those who are consistently right and are able to articulate the facts on a given subject are experts.  Whether they use their real name, something to do with their profession, or call themselves something whimsical like "Turd".

macholatte's picture


Definition of Expert:


X is a mathematical expression for an unknown


Spert is a drip of water under pressure


Therefore, an "Expert" is an unknown drip under pressure.


jaffi's picture

X is always known once you differentiate it from the others, that is why it is called an independent variable.  

trav7777's picture

so, in other words, kinda the opposite of you LOL

tmosley's picture

Only if you are peering through the biased perspective of those with shit for brains.

max2205's picture

That's Beralious!

j0nx's picture

Don't you mean belarious? Man you screwed that joke up.

TheTmfreak's picture

Yes sadly he did. It took me two or three reads to get thats what he was aiming for, when I knew thats what he was trying to say...

Doña K's picture

Maybe he is Japanese and confused the r's and l's, or he actually is ahead of you and did it purposely. Still funny

whatsinaname's picture

They are still paying for Chernobyl - thats what it is. Belarus & Ukraine really got stuck with it thanks to the erstwhile USSR.

Zing's picture


Just more examples of why GOLD is the best store of value and wealth.

Rynak's picture

zing doesn't want you to buy silver :) New teleprompter message from paid troll brigade: "Well, if we can't make you stop buying PMs, then at least only buy gold"

trav7777's picture

silver isn't in the same league as gold for wealth preservation

Hugh G Rection's picture



Silver isn't in the wealth "preservation" league... It's in the wealth multiplication league.

SilverIsKing's picture

And all along I was thinking league of exponential wealth...

trav7777's picture

if it's speculation you are after, GGP blew silver away too

David449420's picture

It is if that is all you can afford.

jus_lite_reading's picture

Yup and its coming to a dollar near you...

buy gold, save your ass

SoNH80's picture

Belarus is about as close as you can get to an autarkic, industrialized economy today.  Their only big trade partner is Russia, which might get hot under the collar about this.

A.W.E.S.O.M.-O 4000's picture

Yes! "Cheap Communist Immitation of Euro-Disney Located In Belarus" here we come!

John McCloy's picture

And why would these be bad for silver/gold or the dollar which is considered the king of currencies because of reserve status? 

   See you below parity EUR

Hugh G Rection's picture

Vacation time...


half price Belarussian blowjobs!

SilverRhino's picture

For foreign dicks the price will stay the same.   Belarus dicks just got cornholed because they will cost double.


Cthonic's picture

They'll know if they devalued too far if there is a surging surplus of special sauce hosing the Big Mac index.