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Belarus Relaxes Capital Controls Used to Fight Russian Contagion

The Belarusian central bank allowed the country’s ruble to plunge 6.6 percent and cut the fee on foreign-currency purchases by individuals as it adjusted to spillover from Russia’s worst currency crisis since 1998.

The levy on currency purchases was lowered to 10 percent from 20 percent, effective tomorrow, the central bank in Minsk said in a website statement. The official exchange rate against the dollar was set at 12,740 rubles on Jan. 6, down from 11,900 rubles today, following a 20 percent drop last year.