Belarus’ banking system is on a razor-edge

• 7.08.2013, 12:32

In July people bought 621.5 million dollars more than they sold.

In July Belarusians bought $1306,9 million, and sold only 685,4 million, the National bank’s press-service reports.

For comparison, in June individuals sold $619,1 million in cash and cashless operations and bought $884,2 million. The net foreign currency purchase accounted for $265,1 million.

It was previously reported that at the beginning of July individuals started withdrawing fixed time deposits in roubles from banks and convert them into foreign currency deposits or purchase foreign currency in cash.

The situation may be characterized as panic. Only the radical measures of the National bank, which rapidly increased interest rates for deposits in roubles to impressively high levels, have temporarily postponed the crash of the banking pyramid.

In general in January-July the population of Belarus sold foreign currency in the amount of $4 billion 668,1 million, and bought $5 billion 456,6 million. The net foreign currency purchase in six months has accounted for $788,5 million.