Belarus Banks Offer Competitive Rates Despite October Drop
Belarusian banks have reported varying interest rates for loans and deposits in October 2023. The average annual interest rate on new loans to individuals stood at 10.03%, while legal persons saw a slightly lower rate of 8.56%. Meanwhile, long-term non-withdrawable deposits offered the most attractive terms at 11.93%.
Inflation in October 2023 averaged at 3.7%, which may have influenced the news interest rates. The average annual interest rate on new time deposits for individuals was 8.9%, while that for legal and physical persons was 3.73%.
The decline in interest rates for new loans to the real sector and private customers in 2023 remains unexplained, as no relevant causes were found in searches. However, rates picked up again in December 2022.
Despite the slight variations, Belarusian banks continue to offer competitive interest rates for both loans and deposits. The recent inflation rate may have played a role in shaping these rates, and further analysis is needed to understand the earlier decline in loan interest rates.
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