Population increasingly distrusts banking system

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April 22, 2016 19:05

During December 2014, Belarusian citizens cut their ruble savings within the national banking system by BYR 6.1 trillion or by 13.4%.

Siphoned-off funds went to the foreign currency market and did not return to banks in the form of the growth of foreign-currency deposits. Taking into consideration the rising rate of the Belarusian ruble in relation to the currency basket, one can expect a further fall in ruble bank deposits, while the lowering of interest rates may be stopped and borrowing costs for enterprises will continue to be prohibitive. The outflow of foreign currency deposits may lead to a ban on early terminations of foreign currency deposit contracts and a worsening situation on the currency exchange market.

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Former civil servants as new factor in unemployment growth
October 02, 2017 12:22

According to Belstat, in August 7,600 people were dismissed, including 4,800 civil servants. Dismissals of civil servants were due to the optimisation in the public administration by up to 30%. Some civil servants would retain their job however would lose the status of a civil servant. Vacancies on the labour market are likely to reduce in number, thanks to the optimisation, the state administration would increase wages for public servants. The payroll fund for retained employees is likely to increase and some former state employees are likely to get jobs in affiliated organizations. The optimisation of the state apparatus should complete by January 1st, 2018, and some former civil servants are likely to join the ranks of the unemployed.

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