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CCs in Belarus are limited to $25/day for online transactions!

Discussion in 'The Attic' started by SlotMonster, Apr 16, 2011.

    Apr 16, 2011
  1. SlotMonster

    SlotMonster Twitch Streamer - Affiliate webmeister

    Due to tough situation in our country, and due to the fact that our local money is almost useless and cost nothing but dust, our banks limited our daily/weekly withdrawal limits to $25/day or $100/week.

    They are trying to prevent people buying goods in the Internet and to spend their useless money (when buying online BYR automatically converts to USD).

    Belarussian people also can withdraw not more than $25 a day when they are abroad...

    Official exchange rate for USD/BYR is ~3100BYR for 1 USD. But you can't buy foreign currency anywhere. On "black market" you can buy 1 USD for about 3900-4500 for 1 USD, that's why people are trying to buy something on Amazon, eBay, etc. Just to spend our money to something usefull.

    I predict our economy will completely crash soon, since we already owe $ Russia and International Monetary Fund and there is no way to find money to get these loans back.
  2. Apr 16, 2011
  3. coenie

    coenie Non-Gambler PABnonaccred

    student Co-ceo YEA! Company
    The Netherlands

    Maybe a stupid question,

    But applies the withdrawal limitation also for the Moneybookers/neteller/prepaid mastercard?

    Thanks for you answer,

  4. Apr 16, 2011
  5. vinylweatherman

    vinylweatherman You type well loads CAG MM

    STILL At Leisure
    United Kingdom
    This is VERY serious. This is to prevent a "run on the banks", and not something we see often. If Belarussians find a way to spend their money, they should do so as soon as possible, and before the authorities can react.

    A few EU countries are facing a similar situation, with Ireland and Portugal following Greece in needing a bail-out.

    The trouble is that the online stores will end up stuck with worthless BYR, or at least the processors will. Even $25 a day may not last.

    The BYR could end up being replaced by the US Dollar (unofficially of course) even for internal transactions.

    Internal hyperinflation of BYR prices could follow, as happened in Argentina, and of course, pre-Nazi Germany after the first world war.

    An economic disaster can be just as bad as a natural one in how people are affected. The only difference being that the rich can avoid an economic disaster, but not a natural one.
    1 person likes this.
  6. Apr 17, 2011
  7. SlotMonster

    SlotMonster Twitch Streamer - Affiliate webmeister

    No, it's only about our local CCs. But of course we won't be able to deposit more than $25 a day. But who now thinks about gambling here...

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