Growth of Belarusian ruble deposits has been substantial since the start of the year

In the financial landscape of Belarus, a significant increase in long-term ruble deposits has been noted. As of August 1, 2025, the volume of individual time deposits in Belarusian rubles stands at 13.1 billion, marking a 20.3% increase compared to the beginning of the year.

The National Bank of Belarus has observed an increase in the share of ruble deposits, with the share of ruble deposits in the portfolio of individual time deposits now at 63%. Compared to July 2024, this share has risen from 53.1%.

The growth in long-term ruble deposits is particularly noteworthy. In the seven months of 2025, the total volume of new long-term ruble deposits exceeding one year has reached 4.3 billion rubles. This represents a 66.4% increase compared to the same period last year. The share of long-term ruble deposits in the total volume of new ruble inflows has also increased, from 48.1% to 55.6% in July 2025.

The regulator attributes this growth to the interest rate policy pursued by banks. The average rate on new long-term ruble deposits in July 2025 was 14.8% per annum, while the average rate on all new individual time deposits was 12.1%.

However, there is no information available about any specific actions taken by the National Bank of Belarus in July 2025 to encourage this growth in long-term ruble deposits by the population. The total volume of new long-term ruble deposits exceeding one year in July 2025, or in the entire year of 2025, is not disclosed in the available data.

This trend towards increased long-term ruble deposits is a positive development for the Belarusian economy, indicating a growing confidence in the stability and attractiveness of the national currency.

Growth of Belarusian ruble deposits has been substantial since the start of the year