Tuesday, 02, March, 2021

Significant changes in the foreign exchange rates are expected in the near future. Soon foreign exchanges rates will be updated every day, not on the first day of every week as now, this was proposed by the draft State Program for 2021.

The Central Bank and commercial banks have been instructed to reform the banking system and improve the interbank foreign exchange market up to international standards.

- switching the interbank foreign exchange market to the "online" platform;

- creating opportunities for businesses to buy currency directly from banks;

- switching trades from "fixing" to "matching" auctions in determining the exchange rate;

- increasing the role of commercial banks in determining the exchange rate;

- daily announcement of the official exchange rate.

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