Belarusians regained confidence in national currency deposits

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April 22, 2016 18:55

According to the National Bank, in July 2014, despite lower deposit rates, fixed-term deposits in the national currency grew by BYR 197.5 bln – the largest increase since early 2014.

Rouble fixed-term deposits will still be more attractive than currency ones due to the National Bank’s predictable policy regarding the depreciation of the Belarusian ruble against the US Dollar. Banks’ currency deposits will increase only due to interest capitalisation. Individuals will continue selling their currency savings (net supply will persist). If the Government decides to issue foreign currency government bonds at 6.5-7% per annum, they might be in demand by the population.

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