Leanid Zaika: One more devaluation may become the last one for Lukashenka

Refusal to issue home loans is an attempt of the authorities to avoid the fall of the Belarusian ruble.

Economist Leanid Zaika spoke to charter97.org about the news that the last state-owned bank stopped giving home loans.

“It was caused by the hostile activity of the 'fifth column' and such economists as Zaika and Zlotnikau, who were saying that banks shouldn't give empty money for cheap homes. I think the efforts of Leanid Zlotnikau, other representatives of the Belarusian science and me achieved success,” the expert said ironically.

The economist underlined that under Kebich's rule, 85% of money on home construction were people's savings and the rest 15% were loans.

“After Lukashenka and his team from the province came to power, many rural migrants flooded to Minsk. Of course, they didn't have homes. The government with its members with rural roots, began to print money. The proportion was 15% of own savings and 85% of loans. The loans filled the country with empty money. We had devaluations and re-denominations. It was the machine of pouring unadapted rural migrants into cities. Even now I turn attention to absence of culture in public transport and in shops, to their goggle eyes and shouts 'Who is better than Lukashenka?'” Leanid Zaika added.

The economist thinks that the main reason that made banks stop giving home loans is that “another devaluation, which will be caused by printing and issuing money, may become the last one”.

“Aliaksandr Lukashenka said he would be deposed due to a devaluation. You understand that it was a Freudian slip. Someone can depose him due to a devaluation. Not opposition, not democracy, not human rights, but a devaluation. Of course, he can continue printing money and giving them out, but he will be resigned due to a devaluation,” the expert is confident.

Leanid Zaika thinks if a person wants a home loan, the probability that it will be a speculative deal is 90%.

“He thinks he will take 100 million rubles, buy a flat and wait for the fall of the ruble. The flat will cost 130 million after the ruble collapse and he will say: 'I am so clever and Miasnikovich and Yermakova are so stupid. They gave me money and I fooled them.' It was so in 2009 and 2011. I know businessmen who took loans to buy expensive cars. The ruble plunged three or four months later and 80 millions of loan turned from 20,000 dollars to, let's say, 10,000. Even bankers took such loans. The game finally is over,” the expert summed up.

We remind that Paritetbank was the last state-owned bank that stopped accepting applications for home loans. Only one commercial bank continues to give loans for buying a home.