The Russians began to actively invest foreign currency in Belarusian banks

According to the newspaper “Kommersant”, the growth of foreign currency deposits almost doubled from investors from Russia registered a subsidiary Bank of Alfa-Bank in Belarus, Belgazprombank (daughter of Gazprombank) and BPS-Sberbank (the subsidiary of Sberbank). With the exception of VTB Belarus, which is traditionally developed as a corporate, reports the newspaper “Kommersant”.

The reason of interest of Russians to the Belarusian banks with high interest rates on foreign currency deposits. The maximum yield on deposits in dollars and euros in Alfa-Bank (Belarus), BPS-Sberbank (Belarus), VTB (Belarus) and the BGB at the moment is 5% for a two-year irrevocable deposits. For comparison, on fixed-term deposits for a period of more than two years in their Russian parent banks maximum yield does not exceed 2.5%.

An additional incentive for placement of deposits by Russians in the “daughter” friends of Russian banks in Belarus is the local system of guaranteed compensation of deposits. Its main difference from Russia is the lack of limits of insurance (in Russia — 1.4 million rubles) and the payment of compensation in the Deposit currency (in Russia — the compulsory conversion into rubles at the exchange rate on the date of revocation of Bank’s license).

Call the experts and cons when you open accounts in Belarusian banks. For opening an account in a Belarusian Bank, the citizen of Russia it is necessary at least once to personally be there and show your passport, and it involves transportation costs.

In addition, as noted by the Deputy Chairman of the management Board of Raiffeisenbank Andrey Stepanenko, there is risk of an outright ban on currency export from Belarus by non-residents and restrictions of payments.