29 March 2024, Friday, 15:10
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Rainy Day Funds Get Empty: Belarusians’ Wages Insufficient For Survival

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Rainy Day Funds Get Empty: Belarusians’ Wages Insufficient For Survival

The population sells way more foreign currency than purchases.

Such conclusion can be made basing on the recently published statistical data of the National Bank regarding selling-purchasing of foreign currency since January till August. Since the beginning of the year the people have sold $1,168 billion, net of any taxes. Herein, the Belarusians obviously prefer selling and purchasing cash over wire transferring the foreign currency.

Since January, the Belarusians have sold $5,036 billion in the equivalent. However, they have bought only $3,868 billion, onliner.by reports. This is $1,168 billion less.

As for cash and non-cash payments, ordinary customers of the banks tend to be more likely to buy and sell cash. Since the beginning of the year, they purchased three times less currency via bank transfer, than exchanged in cash. As for the currency they sold via by bank transfer, it is almost 8 times more.

It is interesting that, upon the results of August, the forex reserves as defined by the IMF have grown by $82,3 million, amounting to $4,7 billion on September 1. The National Bank claims that one of the key reasons for such growth is the receipt of incomes from the sale of foreign currency bonds of the Ministry of Finance, nominated in the foreign currency, as well as purchasing foreign currency at the exchange and incomes from the export fees for oil and oil products.

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