Belarus May "Freeze" Deposits

First step has already been done.

On November 11 Aliaksandr Lukashenka signed the Decree "On Attraction of Money in Deposits," Text is not published yet, but sources in bank sphere inform about one innovation - introduction of income tax on some deposits of natural persons.

On November 12 the National Bank of Belarus invited journalists to the press-conference with Deputy Chairman of the Board of the NBRB Taras Nadolny.

"It is possible that since April 2016 income tax on ruble deposits of physical persons for a term of less than one year and currency ones for less than two years will be introduced," Sputnik, resource in bank sphere, informs.

According to it, there is one more innovation: clients will be offered so-called demand and fixed term deposits. Thus, the last ones are to have higher interest rates, but it will be impossible to withdraw money unless deposit agreement is over.

Sources specified that provisions of the Decree supposedly would not extend on already valid deposits of natural persons.

They also stress that the Decree aims to make short-term deposits unprofitable. Belarus needs monetary resources, they say. Therefore, the state is interested in natural persons' money working on the economy as long as it's possible.