Belarus Devalues Currency Less Than Expected, Bonds Rally
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Belarus devalued its currency less than analysts expected, lifting its sovereign debt and stoking the biggest rally in the country’s notes in Russian rubles since they were sold in December.
Local lenders may sell foreign currency to companies at an exchange rate that deviates as much as 10 percent from the official rate, widening the spread from 2 percent, according to a statement published on the central bank’s website today. Banks including UniCredit SpA and Royal Bank of Scotland Group Plc expected the ruble to be devalued by at least 20 percent.