Barys Zhaliba: Situation In Lukashenka’s Economy Is Very Sad

People are primarily concerned with how to live and feed their families, rather than with loans for housing, the economist is sure.

Economist Barys Zhaliba commented on the decision of Belarusbank to give loans for housing with government support at 12% per annum, Radio Racyja informs.

It is reported that these loans are made available to citizens, registered in need of improved housing conditions, up to 15 years. The interest rate on the loan in accordance with the existing agreements is 12% per annum (the interest rate, set by the bank for loans to the property, with a 50% reduction of the refinancing rate of the National Bank).

– The best years of Belarusians have already passed, and the situation in the Belarusian economy today is quite sad. Therefore, it seems to me, new loans for housing with government support are another attempt of the authorities to encourage people, as almost no one wants to take them under those interest rates that are offered. If people had more or less decent income, loans would be popular, but now the real earnings have decreased greatly, and a lot of people are simply unable to repay the loan. As you can see, people are getting rid of foreign currency savings quite actively, since the beginning of the year the net purchase in general has amounted to about $ 2 billion.

– But will people take loans at 12 percent?

– They will, but much less than before. In the past, some people even forged certificates to build an apartment and take a loan, but now the situation has changed radically. People are primarily concerned with how to live and feed their families, – Zhaliba said.