This resolution was adopted by the Council of Ministers and the National Bank of Belarus. Minsk called this decision a forced measure.
Belarus will fulfill its debt obligations under Eurobonds in the national currency – Belarusian rubles. This was announced by the Belarusian government on Tuesday, June 28.
“The implementation of debt obligations on government securities placed on foreign financial markets will be carried out in Belarusian rubles at the rate of the National Bank on the date of payment,” the statement said.
It is indicated that such a resolution was adopted by the Council of Ministers and the National Bank of Belarus.
The government noticed that this decision was a necessary step. This is due to the impossibility of the paying agent and other participants of the international settlement and clearing system to guarantee the full and timely transfer of funds to all Eurobond holders.
“This is confirmed by the fact that individual owners did not receive coupon income on Eurobonds, which were transferred by the Ministry of Finance in February of this year,” the Belarusian government added.
On the eve it was found that Russia for the first time since 1918 had defaulted on sovereign debt in foreign currency. On June 27, the thirty-day “grace period” for bond payments, due on May 27, expired. The end of this extension is a default event.
However, the Kremlin said that “allegations of a default are completely unfounded.” They claim that the required payment was allegedly made in May.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.