On April 23, 2025, the Belarusian currency market saw notable fluctuations in exchange rates, particularly for the dollar, euro, Russian ruble, and Chinese yuan. The dollar began the day at 3.058 BYN, reaching a minimum of 3.0452 BYN and a maximum of 3.0597 BYN before closing at 3.053 BYN, which reflects an increase of 0.0268 BYN or 0.89% for the day.
Despite this daily gain, the dollar has weakened over the past week, dropping by 0.0327 BYN (1.06%), and has seen a more significant decline of 0.0823 BYN (2.63%) over the past month. Meanwhile, the euro's average exchange rate increased slightly against the ruble by 0.0144%, closing at 3.4765 BYN. The euro has had a mixed performance, decreasing by 0.0021 BYN (0.06%) over the past week but strengthening by 0.1049 BYN (3.11%) over the last month.
Looking at the Russian ruble, it has depreciated by 0.0129 BYN (0.35%) against the Belarusian ruble, with its exchange rate set at 3.66 BYN for 100 RUB. The ruble's performance has been somewhat stable, having decreased by 0.0057 BYN (0.16%) in the past week but increased by 0.0066 BYN (0.18%) over the month.
In contrast, the Chinese yuan showed some resilience, strengthening by 0.0372 BYN (0.9%) on April 23, 2025, with an exchange rate of 4.167 BYN for 10 CNY. However, the yuan has seen a decline of 0.0277 BYN (0.66%) over the past week and a more significant drop of 0.0684 BYN (1.62%) over the past month.
Trading volumes on the Belarusian Currency and Stock Exchange were significant on April 23, 2025, with the dollar trading at 35,783,800 BYN, the euro at 399,798 BYN, the Russian ruble at 89,591,600 BYN, and the Chinese yuan at 194,184,000 BYN. These figures indicate a robust trading environment as investors navigate the current economic landscape.
Meanwhile, economic analysts are weighing in on the broader implications of these currency fluctuations. Nikita Maslennikov, a leading economist at the Political Technologies Center, has provided insights regarding the future of the dollar against the ruble. According to Maslennikov, the dollar is unlikely to reach the 105 rubles mark as previously speculated by Gazprombank analysts. Instead, he predicts that the maximum exchange rate for the dollar could reach 98 rubles.
Maslennikov explained that while the ruble is expected to weaken under the influence of fundamental economic factors, he does not foresee a critical decline. He anticipates that the dollar will remain in the range of 80-86 rubles in April, with subsequent increases to 85-90 rubles, and eventually 90-95 rubles later in the year. By the end of 2025, he estimates that the dollar will stabilize within the 95-98 ruble range.
The economist pointed out that the Central Bank may consider weakening the ruble as a response to potential shortfalls in oil and gas revenues, which could arise from declining oil prices. This situation underscores the interconnectedness of global markets and domestic economic policies.
Overall, the fluctuations in the Belarusian currency market reflect broader economic trends and uncertainties. As the dollar continues to navigate its position against the ruble, euro, and yuan, investors remain attentive to the impacts of domestic and international economic conditions.