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National Bank Admitted Turning On Printing Machine At 'Full Capacity'

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National Bank Admitted Turning On Printing Machine At 'Full Capacity'

It became known the amount of "extra" cash appeared in circulation since the beginning of the year.

The total amount of cash in circulation has risen sharply in Belarus. This figure amounted to 6 billion 16.7 million rubles at the beginning of September. This is almost 1.3 billion rubles more than at the beginning of the year, according to the data of the National Bank. Previously experts assumed that the National Bank launched the printing press, according to zerkalo.io.

Cash in circulation increased by 8 million rubles in August to 6 billion 16.7 million rubles. For comparison: in July, the increase amounted to 170.9 million rubles. As of January 1 this year, cash in circulation was at the level of 4 billion 720.4 million rubles. That is, compared with the beginning of the year, this figure increased by almost 1.3 billion rubles.

In August, the broad money supply also increased significantly, which includes the funds of individuals and enterprises in bank accounts, as well as cash in circulation. As of September 1, this figure exceeded 54.2 billion rubles. This amount is almost 392 million rubles more than a month earlier.

The National Bank previously stated that it carried out foreign exchange interventions in the economy in the first quarter, in other words, the regulator “infusing” money. This happened against the backdrop of increased demand for foreign currency from businesses and banks.

Earlier, officials admitted that in 2022 foreign exchange interventions may be required in Belarus in order to avoid a sharp jump in the ruble exchange rate. Cash "infusions" for the economy can also be made to replenish gold and foreign exchange reserves, which will melt due to the repayment of loans. This is provided for by the monetary policy for the current year.

In August of this year, gold and foreign exchange reserves decreased by $97.6 million.

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