National Bank explains why people withdrew deposits from banks

Over the last month, the resource base of the ruble in the banks decreased by 1.4 trillion rubles. This figure was made public on December 9 by First Deputy Chairman of the National Bank Taras Nadolny at a meeting of the tenth session of the Council of the Republic.

"I think that the decline of retail deposits' number is likely to be associated with the growth rate of the ruble in mid to late November. It stimulated people to withdraw the ruble deposits," BELTA quotes Nadolny.

The banker's speech was devoted to the decree on raising funds into deposits. According to Nadolny, during the development of the decree, it was thought that the resource base of banks would decrease by about 10% due to the outflow of deposits of physical persons - about 3.5-4 trillion rubles.

"The benefit of the decree is in zero tax - that is, we expect that people will place the deposits, for example, in Belarusian rubles for the period up to one year. Therefore, at the draft stage of the decree, we did not rely on tax revenues to the budget. In general, the tax may reach 900 billion rubles next year. But we hope that the effect of the increased deposit period will be much higher than that of the amount of money coming into the budget," said Nadolny.

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