Population increasingly distrusts banking system
The situation has not changed
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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Once a week, in coordination with a group of prominent Belarusian analysts, we provide analytical commentaries on the most topical and relevant issues, including the behind-the-scenes processes occurring in Belarus. These commentaries are available in Belarusian, Russian, and English.
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