Belarusian Individual bank deposits in real terms down 19% in Jan-Aug - NBB
MINSK. Oct 3 (Interfax) - Individual bank deposits in Belarus in both forex and the national currency in real terms (factoring in inflation) in January-August 2011 contracted by 19.3%, the National Bank of Belarus (NBB) said in an analytical note "Main Trends in the Economy and Money-Credit Sphere".
Nominal deposit growth for the eight months came to 5.49 trillion Belarusian rubles, or 23.9%. By September 1, total individual deposits reached 28.4 trillion Belarusian rubles.
Transferable deposits held by individuals came to the equivalent of 4.3 trillion Belarusian rubles on September, up 23.1% in nominal terms. However, in real terms, this figure decreased by 19.8%. Individual term deposits went down by 19.2% in real terms over the eight months but increased in nominal terms by 24.1% to 24.14 trillion Belarusian rubles.
Individual deposits in the national currency decreased in real terms by 30.6%, including transferable funds - 21.6% and term deposits - 34.3%. The nominal increase for Belarusian ruble-based accounts came to 6.6%, reaching 10.46 trillion Belarusian rubles, including transferable funds - 20.5% to 3.4 trillion and term deposits - 1% to 7.05 trillion.
The NBB forecasts total deposits this year to increase by the equivalent of 6.4 trillion-7.2 trillion Belarusian rubles.
Inflation in Belarus for the first eight months came to 53.6% while base inflation (excluding regulated and seasonal prices) stood at 64.4%.