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23 Apr 2020

Agitation of Belarusian forex market in Q1 2020 attributed to volatile oil prices

Agitation of Belarusian forex market in Q1 2020 attributed to volatile oil prices
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MINSK, 23 April (BelTA) – The Belarusian forex market was considerably invigorated in Q1 2020 by volatile oil prices, BelTA learned from Dmitry Nabzdorov, Head of the Central Office for Regulating Non-Credit Financial Organizations of the National Bank of the Republic of Belarus (NBRB), during an online briefing on 23 April.

Dmitry Nabzdorov noted: “Volatility adds to profits if the bets are right. The first quarter of the year will demonstrate a considerable increase in activity of Belarusian clients.”

The central bank representative pointed out that operations on the forex market primarily focus on international currencies, oil, and gold. These tools demonstrate volatility right now. Some events have never been witnessed before, for instance, May futures for WTI oil blend went below zero.

The fact that it is possible to trade on the forex market remotely is another important factor. Besides, new major international players have arrived on the Belarusian forex market. A prime broker is expected to appear soon to present liquidity to smaller forex companies.

“The situation with volatility, the arrival of new players and the availability of remote operation channels indicate that the forex market will be at least doubled within one year,” Dmitry Nabzdorov believes.

As for the leasing market, there is no official statistics for Q1 2020 yet but the central bank sees an increase in activity in this period of time. The satisfaction of demand in Q1 2020 may lead to reduced activity in Q2 2020. But the central bank expects the leasing market to grow as a whole in 2020.

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