Commentary

Currency dynamics: Belarusian ruble gains against dollar and euro

Building of the National Bank of Belarus in Minsk. Photo: LookByMedia
Building of the National Bank of Belarus in Minsk. Photo: LookByMedia

The Belarusian ruble has been actively strengthening against the dollar and the euro. The dynamics of the Belarusian ruble against the European and American currencies were influenced by the dynamics of the Russian ruble, which grew confidently amid high oil prices and the central bank's tight monetary policy. On external markets, the price of gold declined, which could negatively affect Belarus's gold and foreign exchange reserves in the coming month.