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Belarus' National Bank notes growth in BYN deposits

The Belarus National Bank notes the increase in the number of deposits in the national currency. We are talking about newly attracted deposits, says the NBRB. 

Belarusians have opened more irrevocable deposits in the national currency. Irrevocable deposits cannot be withdrawn until the end of the contract. Their share in the deposit portfolio has increased by 170% since the beginning of 2016.

An important factor here is the increased interest rate on such deposits. In irrevocable deposits, it is usually 2-3 points higher.

Nikolai Luzgin, chairman of the board of a commercial bank:
Right decisions were taken when the system of irrevocable deposits was introduced. This increased the stability of the resource base, the stability of household savings. And to a large extent the situation is affected by the stability of the foreign exchange market, when the exchange rate, as we see, varies slightly. People are increasingly aware that national currency savings are becoming more attractive.

Belarus' National Bank notes growth in BYN deposits