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Belarusians Withdraw Foreign Currency from Banks

105
Belarusians Withdraw Foreign Currency from Banks

The attitude of the population towards foreign currency deposits has drastically changed over the year. 

This January, time deposits of individuals in foreign currency, decreased by $17.5 million - to $6,198.8 million, writes select.by.

A year ago, these deposits increased by $48.3 million in January. Thus, the population's attitude towards foreign currency deposits has drastically changed over the year. This may be stipulated by the reduction of rates on long-term foreign currency deposits: to 1.16% this January from 2.23% in January 2019.

Funds of legal entities decreased by $235.5 million for the month - to $4.270.9 million. A year ago they increased by $133.3 million within a month.

Transferable foreign currency deposits of legal entities decreased by $151.7 million this January and amount to $2.058.3 million, while time deposits decreased by $83.8 million to $2.212.6 million.

The value of securities in foreign currency and outside the bank turnover decreased by $4.8 million and amounts to $727.8 million in January 2020. In January 2019, the decline was equal to 20.5 million dollars.

The cost of bank deposits in precious metals decreased by $5.7 million - to $45.9 million last January. It decreased by $4.8 million in last January.

In the ruble equivalent, the number of foreign currency deposits of individuals and enterprises decreased by only Br57.8 million (to Br25.279 million) in January 2020, which is explained by the growth of foreign currency exchange rates during the month.

As a result, the broad money supply, which includes the ruble and foreign currency funds of banks, decreased by Br1.191.3 million this January and amounted to Br47.318.4 million on February 1. Last year, the drop was lesser last January - by Br657.9 million.

Thus, this year, the financial condition of Belarusian enterprises is much worse than a year ago.

Most likely, it is caused by the reduction of oil refining at the Belarusian refineries and the decline in exports of petroleum products.

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