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19 April 2023, 12:25

National Bank: Household deposits in Belarusian rubles are on the rise

An archive photo
An archive photo

MINSK, 19 April (BelTA) – There is a rise in household deposits in the national currency, Chairman of the Board of the National Bank of the Republic of Belarus Pavel Kallaur said as he spoke at a joint meeting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 19 April, BelTA has learned.

“The flexibility of the exchange rate, along with favorable trends in foreign trade, helped maintain a balance on the foreign exchange market and prevent an excess decrease in gold and foreign currency reserves. Moreover, at the end of 2022, international reserve assets amounted to $7.9 billion (equivalent to 2.2 months of imports) with a target of at least $7 billion. As of 1 April 2023, they were estimated at $8.1 billion. The stable situation on the foreign exchange market and the stability of gold and foreign currency reserves had a positive impact on the dynamics of savings in the national currency,” Pavel Kallaur said.

At the end of 2022, the volume of the Belarusian ruble fixed-term deposit accounts of households increased by 25%, in the first quarter of 2023 they rose by 6.1%. At the same time, as of 1 April 2023, long-term deposits accounted for nearly 72% of all fixed-term and conditional deposits of households. “Such dynamics of deposits had a favorable impact on the resource potential of the banking sector, having created basic conditions for its sustainable operation,” the chairman of the Board of the National Bank emphasized.

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