The USD/BYN and EUR/BYN exchange rates are nearing or crossing new records in recent days. On 7.4. the BYN weakened compared to USD to a new low, 2,667. Simultaneously the BYN weakened compared to EUR to 3,167.
Some of the
developments are due to the Russian ruble weakening lately, as the Belarusian
currency is correlated to developments with RUB.
Looking back six months, we have seen the BYN weaken about 15 % in comparison to the dollar and Euro.
This trend is likely to continue, which is something that foreign business should also take into account. A weaker local currency will mean new business opportunities for labor-intensive businesses that have sales in foreign currency and expenses in local currency. At the same time, businesses should look to hedge their exposure to the weakening local currency in their loan and sales agreements if possible.
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