13 May 2011

BELARUS: Finally Allowed To Float...Ruble Drops 25%...In One Day.

NYTIMES / A.Kramer / Thursday Re-Post

    After the central bank lifted decades-long restrictions on the exchange rate, the Belarus ruble dropped
25% vs the usd.
    Long-time authoritarian President Alexander Lukashenko finally allowed the fixed rate to float because imported goods had disappeared...as consumers began to hoard staples...causing inflation and more shortages.