Belarusians are massively depositing money in banks. Why is this happening and how profitable is it to put rubles into deposits?
The last months of 2025 were record-breaking in terms of the growth of ruble deposits.
Illustrative photo. Photo: lookby.media
Why is this happening?
Throughout the fourth quarter of 2025, Belarusians monthly broke records for the inflow of money into ruble deposits. The last quarter brought banks 1.289 billion rubles. Specifically, October saw 407.7 million, November 440.3 million, and December 440.8 million rubles.
For the past few years, interest rates on deposits in dollars and euros have ranged from 0.01% to 0.1% per annum, making it virtually pointless to keep money in them.
At the same time, interest rates on ruble deposits remain high and have barely changed since late November 2023. Back then, Belarusian rubles could be placed in irrevocable deposits at 13-13.5%. Currently, interest on irrevocable deposits ranges from 14.3% to 14.8%.
Combined with a stable ruble exchange rate, ruble deposits look attractive. This includes considering inflation, which in recent years has fluctuated between 5.2% in 2024 and 6.8% in 2025.
Deposits for a term of 13 months or more are considered the most profitable, as the income from them is not subject to tax.
Illustrative photo. Photo: Nasha Niva
What happened to the money if it was deposited a year or two ago?
For calculation, let's take a deposit at 13% per annum, with money deposited 13 months ago at the end of December 2024.
A hypothetical 10,000 rubles would have turned into 11,408 rubles – a gain of 1,408 rubles.
If the deposit had been opened for 24 months, you would now have 12,600 rubles instead of 10,000 rubles.
And these are deposits without capitalization. If the deposit included capitalization, after 13 months there would be a gain of 1,510 rubles, and after 24 months – a gain of 2,970 rubles.
What if we convert to dollars?
The math in foreign currency looks astounding. If in December 2024 you had 10,000 rubles, at the exchange rate then, you could have bought about $2880. Today, having withdrawn the deposit with interest (11,408 rubles) and bought currency, you would receive about $4000.
Thanks to the strengthening of the ruble and high interest rates, the net profit in dollars amounted to over $1100. This is about 39% annual return in foreign currency.
Illustrative photo. Photo: Nasha Niva
Such results, when converted to dollars, were achieved because the ruble significantly strengthened against the American currency, which is absolutely atypical for Belarus.
Risks remain
However, there is no guarantee that the situation will not change in the next year or two. Since Belarusians traditionally still measure their savings in dollars, to avoid losing money, in 13 months the dollar must not be more expensive than 3.32 rubles. (This calculation uses a deposit at 14.3% with capitalization)
In the case of a 24-month deposit, no more than 3.81 per dollar. (This calculation uses an irrevocable deposit at 14.7% with capitalization).
It is also unknown how long the period of high interest rates on ruble deposits will continue. Especially given that the population is very actively depositing money in banks.