Currency demand growth in Belarus as people expect devaluation
7:35, — Economics
By the trade results in March Belarusian population ended the month as a buyer of cash and noncash foreign currency.
At the same time the net demand has grown up to $87.2 million, according to the National Bank data. In February net purchase of cash and noncash foreign currency on the part of the population accounted for $19.5 million, while in January the population, on the contrary, acted as a net seller of $74.5 million, AFN reports.
As to foreign currency in cash the March outcomes show net sales of $10.3 million (against the net sales of $51.2 million in February). Gross currency purchase accounted for $712.7 million (12.6% more than in February), gross sales - $722.9 (5.7% more).
In fact, by the outcomes of the first quarter the population’s real earnings have not yet caught up with the increased prices due to authorities’ administrative moves and the devaluation of the national currency.
As to noncash foreign currency the March results show net purchase of $97.4 million (in February the amount was $70.7). Gross purchase amounted to $151.2 million (22.5% more than in February), and sales amounted to $53.7 million (2.0% more).
The growth of noncash purchasing directly points at the growth of devaluation expectations and the conversion of rouble deposits into one in foreign currency. Another reason for the growth of the demand for noncash foreign currency is rapid growth of consumption imports to the country by the means of purchasing goods on foreign web-sites.
By the outcomes of the three months of 2014 the population’s net purchase amounted to $32.2 million (two months resulted in net sales of $55 million), net sales of foreign currency in cash amounted to $160.4 million, purchases in noncash - $192.6 million.
Write your comment (10)