Belarus needs time to restore bank savings practices – NBB chief
<p> MINSK, Apr 15 - PrimePress. The restoration of the bank savings practices will be long process, Chairman of the National Bank of Belarus Pavel Kallaur told a press conference on April 15. </p> <p> </p> <p> The official said: “There will be certain seasonal fluctuations. The key issue is trust and confidence in the national currency, in the fact that income in the national currency will at least preserve purchasing power - and this is always ensured - and get a comparatively higher dollar yield. When we look at all these processes in terms of making interest rates attractive so that private households use the national currency for savings, we have to look at the behavioural strategy of the population. There is no doubt, and the figures show that those who choose the strategy of saving in the national currency for long periods of time remain the winners.” </p> <p> </p> <p> Kallaur believes that in the next five years the yield on deposits in the national currency will be higher than in foreign currencies. </p> <p> </p> <p> “It is clear that citizens prefer to save for short terms now, when there is a lot of uncertainty and this is an objective situation. Our statistics say that the dynamics of savings by maturity are somewhat different than they were in previous years. This is perfectly understandable behaviour on the part of citizens and should be taken calmly. As we have more certainty, trust in the economic policy, I am sure that private households will start making bank deposits for longer periods,” said Kallaur. </p> <p> </p> <p> According to the National Bank of Belarus, personal time deposits decreased by 4.8% in the fourth quarter of 2020 and amounted to Br16.78 billion ($6.418 billion at the rate of National Bank of Belarus) as of January 1, 2021. End </p>
2021-04-16
Primepress
Belarus needs time to restore bank savings practices – NBB chief
MINSK, Apr 15 - PrimePress. The restoration of the bank savings practices will be long process, Chairman of the National Bank of Belarus Pavel Kallaur told a press conference on April 15.
The official said: “There will be certain seasonal fluctuations. The key issue is trust and confidence in the national currency, in the fact that income in the national currency will at least preserve purchasing power - and this is always ensured - and get a comparatively higher dollar yield. When we look at all these processes in terms of making interest rates attractive so that private households use the national currency for savings, we have to look at the behavioural strategy of the population. There is no doubt, and the figures show that those who choose the strategy of saving in the national currency for long periods of time remain the winners.”
Kallaur believes that in the next five years the yield on deposits in the national currency will be higher than in foreign currencies.
“It is clear that citizens prefer to save for short terms now, when there is a lot of uncertainty and this is an objective situation. Our statistics say that the dynamics of savings by maturity are somewhat different than they were in previous years. This is perfectly understandable behaviour on the part of citizens and should be taken calmly. As we have more certainty, trust in the economic policy, I am sure that private households will start making bank deposits for longer periods,” said Kallaur.
According to the National Bank of Belarus, personal time deposits decreased by 4.8% in the fourth quarter of 2020 and amounted to Br16.78 billion ($6.418 billion at the rate of National Bank of Belarus) as of January 1, 2021. End