Belarusians handed over more than $200 million net in September

Belarusians in September reduced the sale of cash currency by 7 % compared to August -  to 6 29.4 million dollars. Purchasing foreign currency after the end of the holiday season fell even more significantly, by 14.9%  to $ 407.5 million . At the same time, for twenty months the population has remained a net seller of cash currency,  according  to the materials of the NATIONAL BANK of Belarus.

In September, net sales of cash currency rose by 12% to $221.9 million after rising by 21.8% in August.

In January-September 2017, Belarusians bought $3.482 billion in cash and sold $5.409 billion. Taking into account the purchase and sale of non-cash currency, net sales reached $1.587 billion.

Business entities again became net buyers in September, selling $13.410 billion and buying $13.841 billion.

Part of the currency sold by citizens is accumulated deposits. According to the National Bank, last year foreign currency deposits of individuals decreased by 9.5%, or almost $800 million. This is the second and most significant drop in the last decade. Foreign currency deposits of Belarusians since 2008 fell only in 2011, which was infamous for the three-fold devaluation of the ruble. Then deposits lost 3.9%.

According to experts, with a decrease in income, the population retains the habit of consumption, which falls less than income, that is, savings are spent. At the same time, positive trends in the salary sector were identified in the summer. In particular, the average salary has been growing for five consecutive months. 

Recall that in November 2016, President  ALEXANDER LUKASHENKO  instructed to return the average salary to the level of $500 by the end of 2017, subject to a corresponding increase in labor productivity. In April of this year, the president said that a salary of 1,000 rubles is the minimum that the state should help people earn.

Experts predicted a decrease in the volume of net sales of foreign currency by the population, although so far its level remains stably high.

Over the entire past year, Belarusians sold $2.441 billion in cash on a net basis, contributing to a noticeable increase in gold and foreign exchange reserves.