Belarusian banks offer higher interest rates on short-term deposits

7 сентября 2020
Belarusian banks have started offering higher rates on short-term deposits, says the National Bank. In an interview with "SB Belarus Today",  the regulator explained this trend by the need to cover the liquidity deficit.

National Bank: the situation in the banking system is stable


On the whole, the situation in the banking system is considered stable by the National Bank. It is largely ensured by irrevocable deposits. Their introduction has solved the problem of both the foreign exchange market and the "balance" of Belarusian banks.

"Depositors under the influence of unfavorable factors can no longer withdraw rouble deposits from banks and convert them into foreign currency almost immediately. And when the market stabilizes, they can convert their savings back. If there is a raid by depositors and most of them want to take their savings back, no banking system can stand it. The banking system will inevitably need support from the regulator and the state. By introducing irrevocable deposits, the risk of a sharp deterioration in the liquidity of the banking system has been significantly reduced".