Belarus Banks Cut Loan Rates, Boost Deposit Returns
Belarusian banks have announced their latest mortgage interest rates for deposits and loans, with notable changes in both sectors. The average annual interest rate on new time deposits in Belarusian rubles for individuals stood at 8.9% in October 2023.
For those willing to lock in their funds for longer periods, banks offered the most attractive terms. Long-term, non-withdrawable deposits saw an average annual interest rate of 11.93%, providing a significant return for patience.
Turning to mortgages, the average annual interest rate on new loans to both legal and physical persons was 8.56%. However, a more detailed breakdown shows that the rate for legal persons alone was 8.38%, marking a decrease of 1.82 percentage points since December 2022. Meanwhile, individuals saw their mortgage rates decrease by 1.71 percentage points to 10.03% per annum.
The banking sector in Belarus continues to evolve, with both deposit and loan interest rates seeing shifts in recent months. While specifics on the highest long-term, irrevocable deposit rates were not provided, the average rates offer a clear picture of the current financial landscape.
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