Belarusians May Not Get Back Money From Bank Deposits

The "house of representatives" has given "permission" to squander the reserve fund.

The money of the reserve fund meant to guarantee the return of individuals' deposits will be used to finance government programs.

"Deputies" "of the "house of representatives" in the second reading of the bill "On amendments to the laws on the guaranteed repayment of bank deposits".

"We have repeatedly urged Belarusians not to keep money in Belarusian banks, explaining this by stating that on a rainy day for the country's economy, the Lukashists will get into your pocket. That day is rapidly approaching, and therefore the junta has taken care of itself and gone even further. Now they will start spending the reserve to compensate depositors for losses caused by bank failures.

This law allows investing temporarily free funds of the state institution "Agency for Guaranteeing Repayment of Bank Deposits of Individuals" in the bonds of the "Development Bank". This will allow reducing the interest expenses of both the Ministry of Finance and the National Bank. "The Development Bank" will thus obtain an additional stable source of financial resources.

In fact, it's a go for squandering. "Temporarily free money" will very quickly stop being such," commented the Belarus of the Brain telegram channel on the new "law".