Belarusians continue to withdraw rubles from bank accounts

People do not trust the weak Belarusian ruble.

The US dollar significantly fell against the Belarusian ruble in July, but it didn't radically change moods of Belarusians, who began to withdraw money from ruble-denominated accounts in June and continued it in July, though less actively.

According to the National Bank of Belarus, the amount of time deposits of individuals fell by 0.5% (173.5 billion rubles) in July compared to June and reached 34.1 trillion rubles as of August 1. This is 29.1% of time deposits in foreign currency (in ruble terms), select.by reports.

The amount of transferable deposits in rubles increased by 3.7% (554.3 billion rubles) to 15.6 trillion rubles in July. The growth apparently shows savings that people make before holidays and the new school year.

The amount of cash in circulation rose in July, perhaps, for the same reason. The growth was 0.4% (56.1 billion rubles) to 15.5 trillion rubles. The increase may also be explained with the seasonal market trade that requires more cash.