Belarus Banks Offer High Long-Term Deposit Rates in October 2023
In October 2023, Belarusian banks offered attractive terms for long-term deposits, with average annual interest rates reaching 11.93%. Meanwhile, inflation stood at 3.7% and loan interest rates varied based on the borrower's status.
Banks provided the most favorable terms for long-term, non-withdrawable deposits, with an average annual interest rate of 11.93%. However, specific banks offering these terms were not identified.
The overall average annual interest rate on new time deposits for both legal and physical persons was 3.73%. For individuals, this rate was higher at 8.9%. Meanwhile, banks offered loans at an average annual interest rate of 8.56%, with rates for legal persons at 8.38% and physical persons at 10.03%.
Belarusian banks offered competitive interest rates for both deposits and loans in October 2023, with favorable terms for long-term deposits and varying loan rates based on the borrower's status. These rates were set against an average annual inflation rate of 3.7%.
