Belarus’ households show lower inflation expectations for next 12 months – NBB
<p> MINSK, Dec 2 - PrimePress. The population of Belarus shows lower inflation expectations for the next 12 months, according to the opinion poll conducted by the National Bank of Belarus (NBB) in November 2020. The data are published on the NBB’s website. </p> <p> </p> <p> According to the poll, 21.6% of the respondents believe that inflation in Belarus will accelerate in the next 12 months (24.4% in the August 2020 poll). The share of those who think that inflation will slow down increased from 13.4% in August to 16% in November. Most respondents expect prices to rise in next 12 months as intensively as now: 59.6% in November against 57.5% in May. </p> <p> </p> <p> In general, households expect the inflation rate at 11.3% to compare with 11.7% three months back. </p> <p> </p> <p> According to the poll, perceived inflation has been at 10.1% over the past 12 months (10.5% in August 2020). The share of those who said in November 2020 that prices grew considerably made up 35.8% (37%), grew moderately – 43.8% (41.9%), grew insignificantly – 18.4 (17.9%). </p> <p> </p> <p> Not a good time for big purchases </p> <p> </p> <p> According to the National Bank, 68.8% of respondents said in November 2020 that it was not a good time for big purchases (68.1% in August 2020) and 77.1% considered it bad for big purchases on credit (75%). </p> <p> </p> <p> Experts attribute this to the depreciation of the Belarusian ruble, which made imported household appliances, electronics and cars more expensive in rubles. Loan terms were believed by many to go worse mainly because some banks suspended credit programs and raised interest rates on loans in late August. </p> <p> </p> <p> According to the November poll, 37.2% of respondents have not spent large amounts over the past three months (38.5% in August). Large amounts were spent on medical treatment by 18.4% (17.3%), home appliances – 16.4% (17.6%), computer hardware – 17.3% (16.8%), recreation and travel – 4% (4.8%), repair or purchase of cars – 14.3% (14.6%), repair or purchase or housing – 16.2% (17.9%), education – 11.3% (7.6%), other large expenses – 7.8% (7.4%). </p> <p> </p> <p> Savings in cash preferred, demand for real estate is down </p> <p> </p> <p> As many as 59.1% of respondents believed that now is a bad time for saving money by the interrogated (59% in August); 84.8% preferred foreign exchange as a savings option (84.2% in the previous poll). </p> <p> </p> <p> Savings in cash was preferred by 34.8% (29.8% in August) and bank deposits by 8.9% (11.5%) mainly due to the continuing reduction in interest rates on deposits. The share of those who prefer savings in gold and other precious metals and insurance slightly decreased to 17.9% from 18.5% in August. The attractiveness of securities increased to 6.2% from 5.8%; 27.4% favor securities because of the fall of prices on the real estate market (30% in the previous poll). </p> <p> </p> <p> As previously reported, the National Bank of Belarus predicts inflation at about 6% in 2020. End </p>
2020-12-03
Primepress
Belarus’ households show lower inflation expectations for next 12 months – NBB
MINSK, Dec 2 - PrimePress. The population of Belarus shows lower inflation expectations for the next 12 months, according to the opinion poll conducted by the National Bank of Belarus (NBB) in November 2020. The data are published on the NBB’s website.
According to the poll, 21.6% of the respondents believe that inflation in Belarus will accelerate in the next 12 months (24.4% in the August 2020 poll). The share of those who think that inflation will slow down increased from 13.4% in August to 16% in November. Most respondents expect prices to rise in next 12 months as intensively as now: 59.6% in November against 57.5% in May.
In general, households expect the inflation rate at 11.3% to compare with 11.7% three months back.
According to the poll, perceived inflation has been at 10.1% over the past 12 months (10.5% in August 2020). The share of those who said in November 2020 that prices grew considerably made up 35.8% (37%), grew moderately – 43.8% (41.9%), grew insignificantly – 18.4 (17.9%).
Not a good time for big purchases
According to the National Bank, 68.8% of respondents said in November 2020 that it was not a good time for big purchases (68.1% in August 2020) and 77.1% considered it bad for big purchases on credit (75%).
Experts attribute this to the depreciation of the Belarusian ruble, which made imported household appliances, electronics and cars more expensive in rubles. Loan terms were believed by many to go worse mainly because some banks suspended credit programs and raised interest rates on loans in late August.
According to the November poll, 37.2% of respondents have not spent large amounts over the past three months (38.5% in August). Large amounts were spent on medical treatment by 18.4% (17.3%), home appliances – 16.4% (17.6%), computer hardware – 17.3% (16.8%), recreation and travel – 4% (4.8%), repair or purchase of cars – 14.3% (14.6%), repair or purchase or housing – 16.2% (17.9%), education – 11.3% (7.6%), other large expenses – 7.8% (7.4%).
Savings in cash preferred, demand for real estate is down
As many as 59.1% of respondents believed that now is a bad time for saving money by the interrogated (59% in August); 84.8% preferred foreign exchange as a savings option (84.2% in the previous poll).
Savings in cash was preferred by 34.8% (29.8% in August) and bank deposits by 8.9% (11.5%) mainly due to the continuing reduction in interest rates on deposits. The share of those who prefer savings in gold and other precious metals and insurance slightly decreased to 17.9% from 18.5% in August. The attractiveness of securities increased to 6.2% from 5.8%; 27.4% favor securities because of the fall of prices on the real estate market (30% in the previous poll).
As previously reported, the National Bank of Belarus predicts inflation at about 6% in 2020. End