• The official rate of the National Bank of the Republic of Belarus (NBRB) is a reference rate the central bank sets daily. It's used for accounting, taxes and statistics.
• A bank's counter rate is the price at which a specific bank is willing to buy or sell currency at the counter. It differs from the NBRB rate and from the rates of other banks.
• The gap between the official rate and the counter rate is normal, not "a scam". A bank sets its own price based on its currency inventory, spread, and current market conditions.
• For an exchange, look at the bank's counter rate — that's the price your deal will go at. The NBRB rate is the baseline reference for understanding how far the counter rate deviates from the market average.
• The widget below shows counter rates at Minsk banks and exchange offices and automatically highlights the best one — it's the easiest way to compare points.

Below is a practical breakdown: how each rate is formed, why they differ, and how to use them correctly.

What the official NBRB rate is

The official rate of the National Bank of the Republic of Belarus is the base rate that NBRB sets daily for the next business day for major foreign currencies (USD, EUR, RUB and others). The rate is calculated based on the volume-weighted average of trades on the Belarusian Currency and Stock Exchange.

What it's used for:

• Taxes and accounting. All foreign-currency operations of companies are converted to BYN at the NBRB rate for accounting purposes.
• Statistics. Government statistics use the NBRB rate as the baseline figure.
• Contracts and payments in foreign currency. Contracts often specify "at the NBRB rate on the payment date".
• A reference point for the market. Banks and exchange offices aren't required to buy or sell cash currency at the NBRB rate, but it serves as a "market average".

The key point: the official rate isn't a price the bank is obliged to settle with you at. It's a reference for accounting and statistics.

What a bank's counter rate is

A bank's counter rate is the two numbers posted on the board at the branch and in the widget on our site: the buy rate for buying currency from a client and the sell rate for selling currency to a client. That's the actual price of the exchange.

The counter rate usually differs from the NBRB rate by hundredths to tenths of a BYN. That gap covers:

• Spread. The bank earns on the gap between its buy and sell rates. Otherwise running a cash-currency operation wouldn't be profitable.
• Cost of holding cash currency. Counter, safe, cash collection, insurance — all of these cost money.
• Rate-change risk. When a bank buys dollars from a client in the morning, the rate can change by end of day. The bank prices this risk into its spread.
• Competition. If the neighbouring bank has a better rate, the counter has to stay competitive.

That's why on the same date you'll see 5–10 different counter rates at different banks and exchange offices — and all of them are "correct" in the sense that the bank is entitled to set them.

How the NBRB rate and the counter rate relate

Put very simply, the picture looks like this:

• NBRB rate — the central figure.
• The bank's currency sell rate — usually above the NBRB rate. The bank sells to you above the "fair price" to earn.
• The bank's currency buy rate from a client — usually below the NBRB rate. The bank buys from you below the "fair price" — again, to earn.

The gap between "sells" and "buys" is the spread, and that's the bank's main margin on cash currency. For active currencies (USD, EUR) in Belarus the spread is moderate. For less "hot" currencies it can be wider.

Compare: NBRB rate vs counter rate right now

The widget below shows counter rates at Minsk banks and exchange offices. Each row has buy and sell prices for the currency. Compare any of them with today's NBRB rate — published on the NBRB website — and you'll see the typical picture: the bank buys a bit cheaper, sells a bit higher than the official.

By the way, the same logic works in reverse. Sometimes a specific bank's sell rate can end up below the NBRB rate — especially when the bank has a cash-currency surplus and is "offloading" it. That doesn't mean "the bank is giving money away": there's a specific counter situation behind it.

What the "interbank rate" is and how it fits in

Besides the counter rate there's also the exchange rate (interbank) — the currency rate at trading on the Belarusian Currency and Stock Exchange. Banks and companies settle with each other on cashless currency operations at this rate. The NBRB rate is in fact calculated from these exchange trades.

For a retail client the interbank rate is rarely relevant directly — you don't have real-time access to trading. But you see it indirectly: cashless currency operations in your bank's mobile app usually run at a rate close to interbank plus a small bank margin. That's often more cost-effective than a cash counter exchange.

Comparison table: three rates

Algorithm: how to use the rates

1. Open today's NBRB rate. That's the baseline figure.
2. Open the widget with counter rates for Minsk. Compare the top-5 points' figures with the NBRB rate.
3. Estimate the deviation. If a bank's counter rate differs from NBRB by 0.5–1% — that's normal. If by 3–4% — that's already a wide spread, and it's worth looking for another point.
4. Pick a point. By the column you need (buy or sell), close to your route, with an acceptable deviation from NBRB.
5. Don't go by the NBRB rate alone. You can't walk into a bank and say "exchange this at the central bank's rate" — the bank settles at its own rate.

When a bank's rate diverges from NBRB by a lot

A few typical reasons:

• End of day / weekends. Before closing the bank may widen the spread so as not to risk its inventory.
• High volatility. When currency rates swing a lot, the bank hedges with a wider spread.
• Airport and railway-station points. There the spread is wider by design — a "convenience premium".
• Small points. Small exchange kiosks can afford a wider spread because their turnover is smaller.

In the widget these deviations are visible right away: a point can be at the "bottom" of the ranking, and the reason is usually one of the above.

FAQ

Can you exchange currency at a bank "at the NBRB rate"?

No, a bank settles at its own counter rate. The NBRB rate is a reference for accounting and statistics, not the price of the deal.

Why is the rate at a bank different from the NBRB rate?

Because of spread, the bank's costs of running cash currency operations, rate-change risk and competition. It's a normal phenomenon.

Where is the rate closer to NBRB — at a bank or an exchange office?

It depends on the specific location. On average major banks have rates closer to NBRB than small exchange offices in high-traffic spots. But the leader in the widget on any given day can also turn out to be an exchange office.

Which is better: cash exchange or cashless?

Cashless currency operations in a bank app usually run at a rate close to interbank plus a small margin. That's often more cost-effective than a counter exchange. But getting cash immediately after such an operation isn't always quick.

Where to check the NBRB rate?

On the official website of the National Bank of the Republic of Belarus. The rate is published daily for the next business day.

Where to check counter rates of Minsk banks?

In the widget at the top of the article and in each of our per-currency pieces: USD, EUR, RUB. Rates update hourly.

How does a bank decide what counter rate to set?

The bank looks at the NBRB rate, the interbank rate, its own currency inventory and competitors' spreads, then bakes its margin into the counter rate. That decision is made every day, sometimes several times a day. More detail — in the piece on commission for currency exchange in Belarus.