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Vadzim Iosub: Due To Decree №7 Belarusians Will Buy Up Foreign Currency

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Vadzim Iosub: Due To Decree №7 Belarusians Will Buy Up Foreign Currency

An analyst of Alpari company Vadzim Iosub commented on Lukashenka’s legal developments concerning bank deposits.

Aliaksandr Lukashenka has signed Decree №7 “On Attracting Money to Savings (Deposits).”

According to the document, now investors will pay an income tax (13%) on the income received. This standard will come into force on April 1, 2016 and will apply to the majority of deposits. An exception is made for ruble deposits for a term of year or more, as well as for foreign currency deposits for a term more than two years.

A senior analyst of Alpari company Vadzim Iosub commented on modifications concerning bank deposits to Radio Racyja.

— If the idea is to encourage investors to keep their money on long-term deposits, as short-term ones will become unprofitable, the reaction can be quite different, bank depositors will withdraw rubles from short-term deposits and transfer them into foreign currency. I do not think that anyone is going to keep sums in the national currency at home. Therefore, a negative consequence of the decree may be an increase in foreign currency demand and further dollarization of the population deposits’ makeup.

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