Belarusians Flee US Dollar for Ruble Deposits Amid Currency Shift

The Belarusian foreign exchange market has undergone significant changes in recent years, according to Andrei Kartun, Deputy Chairman of the Board of the National Bank of Belarus.

In an interview with Belarus One TV channel, Kartun shared insights on how the country's foreign exchange market is evolving. He noted that the total volume of retail deposits in Belarus has surpassed Br25 billion (approximately $9.5 billion USD), with 70% of these being ruble-denominated accounts.

This shift away from US dollar-denominated accounts is a significant change from just a few years ago, when about half of retail deposits were in US dollars. Kartun attributed this transformation to the loss of trust in the US dollar, which has lost 20 percentage points in international reserves over recent years, according to IMF estimates.

The euro's share in payments has also decreased significantly, with its breakdown consistently exceeding 20% in the past but now approaching zero due to low demand. Kartun emphasized that the foreign exchange market has changed and that the National Bank of Belarus must adapt its approaches accordingly.