Foreign currency deposits of Belarusians reduced by nearly $ 459 million (9.9%) in April, and by $186.8 million (4.3%) since the beginning of the year. According to the National Bank of Belarus, the decline in deposits was due to the negative situation on the foreign exchange market, as well as the population's inflation and devaluation expectations.
In general, according to the National Bank, contributions of Belarusians were approximately Br22.8 trillion at the beginning of May 2011: in rubles — Br10.1 trillion, in foreign currency — $4.2 billion in equivalent. Since the beginning of the year the ruble and foreign currency deposits of Belarusian have decreased by Br162.3 billion (0.7%).
Simultaneously, the contributions of the Belarusian national currency have grown by 3.5% (by Br343.5 billion) since the beginning of the year, for April — by4.6% ($447.3 billion).
«Their growth has been affected by raising the refinancing rate of the National Bank, and, correspondingly, the interest rate on deposits, which has strengthened the protection of ruble deposits from inflation and increased their profitability,» the National Bank.
