Time To Withdraw Your Savings: Do Authorities No Longer Guarantee Repayment Of Deposits?

The ATM - the exchange office - the bank.

The authorities are unsealing the emergency reserve of the Deposit Compensation Agency, the NEXTA telegram channel writes.

On May 7, a bill was adopted in Belarus, according to which the funds of the Deposit Compensation Agency could be invested in bonds of the Development Bank. This means that the reserve, created for the case of bankruptcy of a bank, could be spent by the Development Bank as it wishes - to buy shares of Western companies or, more likely, to support unprofitable state-owned enterprises.

It is interesting that the amount of the reserve is about 2 billion Belarusian rubles - about as much as is needed to cover the budget deficit for the first quarter of 2021.

According to economists, the authorities are trying to postpone the inevitable devaluation which will kill all the economic schemes in the debt-ridden public sector by making such a maneuver.

We remind that the "ATM-exchange office-bank" campaign is taking place in Belarus. To participate, every Belarusian has to make only three simple steps:

1) Go to the nearest ATM and withdraw all the money from your bank cards. Do the same on the day of your salary, student scholarship, or pension.

2) Every day, you should convert cash into currency within your abilities. Do not keep more Belarusian rubles than you need for basic expenses.

3) Take all your deposits out of banks before the regime does it for you.