Belarusians to support national currency with their savings

According to the National Bank, in November 2016, Belarusians sold cash and non-cash currency worth USD 159.3 million on a net basis. People’s net supply of currency in November was the lowest in H2 2016. Due to reductions in nominal wages in the economy, people have reconsidered the prospects for their revenues to grow. In the near future, a short-term increase in the net supply of foreign currency is likely due to year-end bonus payments and the New Year celebrations. As of January 2017, retail trade volumes are likely to reduce again. However, due to further growth in utility tariffs and cuts in soft loans, Belarusians are likely to continue to spend their savings and provide an additional supply of foreign currency.