21 July 2024, Sunday, 6:57
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Belarus Gets One Step Closer To Devaluation

Belarus Gets One Step Closer To Devaluation

It is brought closer by Lukashenka's decision.

Belarus intends to introduce changes on preferential consumer loans, which can be obtained to buy domestic goods. This was announced by Lukashenka on May 29 in Vorsha, where he visited the Liahmash plant. We remind you that the National Bank sees the risks of devaluation and price hikes because of the increased demand for loans, writes Zerkalo.

Now such loans allow to buy domestic goods for up to Br12 thousand at 4% per annum for three years.

It is planned to expand the number of enterprises, whose products can be purchased on such loans - from 120 to 140-150. It is not excluded that the interest rate on this loan will be slightly reduced.

Earlier, the National Bank also stated about inflation and devaluation risks for the Belarusian economy, which are associated, among other things, with the population and businesses actively taking out loans. Experts also see risks for the national currency. That is, there is a kind of a trap: the increase in wages leads to increased consumption and active lending due to relatively low interest rates (i.e. the welfare of the population is growing), which, in turn, threatens to accelerate inflation and devaluation (falling wealth). One of the reasons for this situation is the gap between the growth of wages and labour productivity (the first indicator increases more actively).

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