Silver Up 56% Overnight…

in Belarus.

Are you going to really wait and hope for the music to keep playing?


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.

3 comments to Silver Up 56% Overnight…

  • ewkeane

    to trade in foriegn money, one has to trade us FRN for that foriegn money.
    i dont know where to buy foriegn money, but if you do, hold it long enough so that you can trade it back later for at least as much as you put in.
    you want a foriegn money that will buy alot of things, and yet more in the future because it dosnt inflate like us FRN do. That sort of money is very effective, it is a good storage unit for trade. where there is no reason why a paper note can hold a great deal of value, metals can to. there is no reason why silver cannot hold as much value as gold, and why gold could not hold an infinite amount of money. funding purchases with foreign money? swiss francs are said to be good paper money. perhaps some sort of electronic clearing house, where silver and gold trade in real time, where fractional shares trade and can be redemed in solid silver and gold, and where every share is based on physical stocks and not mining forcasts, shorts and other sorts of paper magic tricks.
    such a system would require that the practice of the old gold smith bank become a
    capital offence. burning at the stake seems fair to me.
    ebay may be a good place to start. I wonder if foreign money is used in that market? I wonder if you could buy foreign money with pay pal? could some sort of network be made to make a metals circulation system?

  • […] short term, you risk having your wealth in a paper system that might collapse overnight, look at Belarus. You may think that we can extend and pretend forever, but I would not hold my […]

  • […] short term, you risk having your wealth in a paper system that might collapse overnight, look at Belarus. You may think that we can extend and pretend forever, but I would not hold my […]

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