Housing construction at people’s own costs is likely to ensure stable currency supply

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September 12, 2016 10:41
Фото: Евразийский банк развития/Image: Eurasian Development Bank

According to the National Bank, in August 2016, the Belarusian population sold USD 282 million of foreign currency on a net basis, which was the highest volume in 2016. In August, consumer spending is traditionally high due to the start of the school season. Net foreign currency supply on the domestic market is likely to persist until the year-end if current oil prices remain unchanged. In addition, households are likely to increase spending on foodstuffs and reduce secondary costs. International reserves are likely to increase and rates on currency and rouble deposits are likely to decrease. The reduction in soft loans on housing construction and consistent convergence of real estate market prices and housing prices for the needy citizens, will become an additional factor ensuring a net currency supply from the population.

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