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Individuals' time deposits reported up 34.9 percent in first three months of 2012

Individuals' time deposits in Belarusian rubels increased by 34.9 percent in the first three months of 2012 to 12.6 trillion, according to the National Bank of Belarus (NBB).

The overall amount of rubel deposits increased because the interest rates on them are considerably higher than the inflation rate and the interest rates on foreign currency deposits, the NBB explained.

Individuals' foreign currency deposits totaled $4.9 billion as of April 1, 2012, compared with the pre-crisis level of $4.7 billion a year earlier, the NBB said, adding that lending increased at the same pace as Gross Domestic Product (GDP) in the first three months of 2012.

Interest rates on new time deposits in the national currency reportedly averaged out at 45.3 percent in March 2012, 10 percentage points less than in December 2011. The average interest rate on foreign currency deposits was 7.2 percent, a decrease of 1.2 percentage points. //BelaPAN