Belarusians withdraw money from ruble saving accounts in droves

Time deposits in Belarusian rubles have reduced by Br1.56 trillion in September.

According to a statistics report of the National Bank of Belarus, dynamics of national currency time deposits growth was positive until September. In particular, the time deposits growth rate was 6.1% in August and 1.2% in July. The time deposit volume rose by 33.7% (Br7 trillion) over nine months.

Both individuals and companies began to close their time deposits in September. The volume of time deposits of individuals fell by Br 738 billion (5.1%) during the month and reached 13.649 trillion Belarusian rubles on October 1.

Legal entities decreased the volume of time deposits in Belarusian rubles by Br823.2 billion (5.5%) to Br14.198 trillion. The growth rate of deposits of legal entities was 23.9% for nine months.

The September outflow of time deposits in Belarusian rubles was accompanied with an increase in the volume of time deposits in foreign currency. The growth was Br4.2 trillion for the month. As for October 1, the sum of foreign currency time deposits was Br68.488 trillion in the Belarusian ruble equivalent having increased by 40% in nine months (including a 6.5% growth in September).

The growth of foreign currency time deposits of individuals significantly exceed the growth of the same deposits of legal entities.

The volume of foreign currency time deposits of individuals and legal entities rose by Br2.35 trillion and Br. 1.85 trillion respectively during the months. On October 1, the sum of time deposits in foreign currency of individuals was Br45.289 trillion having increased by 37.5% for nine months (including a 5.5% growth in September). The volume of time deposits in foreign currency of legal entities amounts to Br23.199 trillion having surged by 45.1% for nine months (including a rise of 8.6% in September).