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October 10 – October 16, 2016

Household savings in Belarus continue to shrink

The situation has not changed

According to the National Bank, in September 2016, the volume of foreign currency deposits in the Belarusian banking system decreased by USD 49.2 million to USD 7.59 billion. These funds were redirected to the foreign exchange market – in January – September 2016, the population sold USD 1.4 billion foreign currency on a net basis. Household savings are likely to continue to reduce as the heating season starts and utility costs go up. In addition, the share of foodstuffs has increased in the consumer basket. Amid the lack of positive developments in the economy, households may start reducing their consumer spending, leading to a sharp decline in sales of high-value goods, automobiles, and real estate.

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