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Belarusians borrowed over $5 billion from banks

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An illustrative photo from open sources.

Borrowings from banks amounted to record-breaking BYN11.4 billion in 2018, according to the data from the National Bank of Belarus as of 1 December 2018. The sum includes consumer and housing loans, credits to purchase new cars and installment credit cards.

The BYN10 billion threshhold was overcome in June 2018 and BYN11 billion - in November 2018. Debts increased by BYN216.3 million in November alone, reports TUT.by.

The debts by physical persons on consumption loans amoungted to BYN4.276,6 billion, real estate loans - BYN7.107,4 billion.

On 1 May 2018, the National Bank of Belarus introduced new loan rules, under which banks now also calculate the debt burden ratio. On 29 October,  amendments to the Banking Code came into force, restricting banks from unilaterally changing the interest rates on the alreadly issued loans and from imposing an additional services to customers without providing them the right of choice.