Banking Sector Update: Largest Financial Institution Increases Domestic Currency Exchange Rates
In the economic landscape of Belarus, recent changes have been implemented in the banking sector, with a focus on adjusting to the rising inflation pressures.
Refinancing Rate Raised
The National Bank of Belarus has raised its refinancing rate slightly from 9.5% to 9.75% per annum on June 25, 2025, marking the first increase in two years. This move comes in response to core inflation accelerating to 7.6% in July 2025, signifying a moderate tightening of monetary policy.
Dominance of Major Banks
The Belarusian banking system remains dominated by a few major banks, including four formerly state-owned specialized banks and two universal banks. These banks hold the majority of loans and deposits and are closely intertwined with government policy, as many commercial banks act as agents distributing state financial resources.
Changes in Banking Products
TechnoBank has announced changes in its tariffs for servicing legal entities and individual entrepreneurs from August 11. Commission fees for transferring funds abroad based on a client's payment order, payment demand in yuan through a correspondent account in resident banks are now 0.4% of the amount ($50).
Additionally, commission fees for transferring funds abroad based on a client's payment order, payment demand in yuan through a correspondent account of a Chinese resident bank in favor of beneficiaries served by this bank, as well as to accounts in OJSC "Priorbank" are now 0.2% of the amount (min. $60, max. $200). For other correspondent accounts, the commission fee is 0.7% of the amount (min. 600 yuan).
Belarusbank has increased interest rates on some ruble deposits. For instance, "Uspeshnyi Bezotzyvnyi Onl@in" has been increased by 0.65 percentage points to 15.4% per annum. Similarly, "Pravilnyi vybor (non-withdrawable)" has been increased by 0.95 percentage points to 15.3% per annum for a term of 13 months. "Damskiy k@priz (non-withdrawable)" has been increased by 0.8 percentage points to 15.35% and by 0.3 percentage points to 15.15% per annum for terms of 13 and 24 months respectively.
On the other hand, interest rates on "Shchodry" and "Shchodry online" deposits in Belarusian rubles at Bank Dabrabyt have been reduced to 15% per annum for a term of 13 months.
Overall Environment
While no explicit recent public data on changes in tariffs or detailed banking product terms have been found, these remain largely governed by state influence and inflation adjustments. The overall environment suggests that banking products reflect government-influenced policies consistent with maintaining financial stability amid inflationary pressures.
References:
- National Bank of Belarus
- World Bank
- TechnoBank
- Belarusbank
- National Bank of Belarus - Core inflation
Banking-and-Insurance Sector AdjustmentsIn light of the rising inflation pressures, the banking sector in Belarus is making necessary adjustments, as demonstrated by the National Bank of Belarus raising its refinancing rate and certain banks revising their deposit and tariff rates.
Finance Industry ResponseMajor banks in Belarus, such as TechnoBank and Belarusbank, are modifying their banking products in response to the inflationary pressures, reflecting a rationalization within the industry to maintain financial stability.
