After a controversial election, internet and cell service have been down in Belarus since Sunday. Furthermore, this appears to be a deliberate move by the country’s Government as violent protests erupt across the country.
Websites and trading platforms of many foreign exchange (forex) brokers are now inaccessible to their clients. This was a side effect of the internet blackout.
In fact, the website of the Belarusian Currency and Stock Exchange has been disabled. The National Bank of Belarus’ website however, is operating as normal.
Official election results indicate that Aleksandr Lukashenko has won his sixth term as President. He won by raking in about 80 percent of the votes.
This large majority has resulted in protests against the President’s administration. As a result of accusations of widespread rigging of the polls.
The allegations of the election being rigged are combined with criticism of the government’s handling of COVID-19 and foreign policy. In fact, the criticism started growing in the days leading up to the election.
In the wake of the current unrest in the country, the government has responded by mobilising police and military forces. Particularly in Belarus’ capital Minsk, a number of shops have reduced their operating hours.
Impact on FX brokers
The internet issues were causing connection problems to its trading terminals. The largest representative of the over the counter (OTC) Belarusian sector, MTBankFX, announced on Monday.
The websites of almost all forex brokers and companies based in Belarus are now inaccessible. In Russia, its activities are only able to be partially carried out due to internet issues. A spokesperson from a Belarusian FX broker confirmed this.
According to the spokesperson, there have been no complaints from clients yet. Those who have called understood that the situation is out of the broker’s hands. Some customers had to use a VPN to be able to access the website.
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