17 December 2017, Sunday, 16:58

Currency Reserves of Belarusians Ran Dry

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Photo: AP/Sergei Grits

The net sale of cash is reduced by half.

In November Belarusians sold cash currency by 10.4% less (579.7 million dollars) compared to October. The purchase of foreign currency has increased by 3.9% (93.4 million dollars). At that, the population has been the net seller of foreign currency for two months, the National Bank of Belarus informs.

In November the net sale of cash currency fell by 47.8% to $179 million after a 19.3% decline in growth in October. Since the beginning of the year Belarusians have already sold $2.2 billion in cash.

This January-November Belarusians bought $4.313 billion, and sold $6.636 billion. Regarding purchase and sale of non-cash foreign currency, net sales equaled to $1.8 billion.

In November businesses were again net buyers of foreign currency. Over eleven months enterprises sold $16.469 billion and bought $17.154 billion.

Experts note that some of the currency sold by citizens is accumulated deposits. According to the National Bank, last year currency deposits of individuals fell by 9.5%, or by nearly $800 million. Over the past decade this is the second and the most significant drop. Since 2008 foreign currency deposits of Belarusians have fallen only during the infamous three-time devaluation of the ruble in 2011. Then deposits lost 3.9%.

Experts note amid decrease in income a habit of consumption retains, which means that savings are spent.