Belarus National Bank to remove the euro from its currency basket

As of December 12, the National Bank of Belarus (NBB) will exclude the euro from the currency basket used for exchange rate formation, and will also increase the share of the Russian ruble in the basket from 50% to 60%.

“The Board of the National Bank of the Republic of Belarus decided to exclude the euro from the list of currencies included in the basket of foreign currencies as of December 12, 2022, and establish currency weights when calculating the value of the basket at the following levels: for the Russian ruble – 60%, for the US dollar – 30 %, Chinese yuan – 10%,” the NBB press release says.

The regulator explained its decision by increasing the volume of foreign trade with Russia and China.

“At the same time, against the background of a reduction in trade with the countries of the European Union, settlements in euros have decreased,” the press release says.

Hamda Mustafa