26 August, Minsk /BELTA correspondent/. The National Bank of the Republic of Belarus denies media reports claiming that commercial banks are prohibited from selling cash foreign currency to the public through exchange offices. This was reported to BELTA by the Information Department of the National Bank. "In recent days, a number of Belarusian and foreign media outlets have published reports alleging that the National Bank of the Republic of Belarus has prohibited commercial banks of the republic from selling cash foreign currency to the public through exchange offices. This information is absolutely untrue," the National Bank emphasized. A letter from the National Bank dated 23 August 2011, No. 21-18/179, proposing to consider the issue of certain exchange offices and cash desks located within large shopping centres and markets conducting operations solely for the purchase of cash foreign currency with payment in cash Belarusian rubles, followed by the sale of this currency to the public for socially significant needs, was prepared in response to an appeal from the Association of Belarusian Banks and was sent to only six systemically important banks of the country. The aforementioned decision is primarily related to the need to regulate the situation surrounding exchange offices located in large shopping centres and markets. Monitoring indicates that queues of currency purchasers are observed in these locations. Furthermore, the queues consist predominantly of the same individuals who are highly likely to be acquiring foreign currency for subsequent sale in unregulated segments of the foreign exchange market. "The presence of queues at exchange offices not only hinders the normal operation of staff in shopping centres and markets but also causes significant inconvenience to their visitors," the National Bank noted. "In this regard, major Belarusian banks with currency exchange offices located within shopping centres and markets have been granted the right, in conjunction with the management of these retail facilities, to decide whether they wish to implement the operating regime for exchange offices proposed in the National Bank's letter, and in which specific exchange offices." All other exchange offices in Belarus, meaning the absolute majority, will conduct operations for both the purchase and sale of currency.-0-

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