In September 2026, the share of the national currency in Belarus's average broad money supply rose to 68.2% — a year earlier the figure was 63.5%. The level of currency substitution in the economy continues to decline against the backdrop of outpacing growth of the ruble component of money supply and high savings activity of the population.

This was reported by the press service of the National Bank of Belarus.

What lies behind the decline in currency substitution

The improvement in the structure of money supply is facilitated by the outpacing growth of its ruble component. Average ruble money supply increased year-on-year by 30.3%, while average broad money supply rose by 21.3%.

This dynamic means that ruble assets are growing faster than the money supply as a whole,

Despite the decline, yields on ruble deposits remain high. For example, at BelarusbBank, on the "Successful Non-revocable" deposit for a term of 13 months you can get 11.85% per annum, and for 37 months — 13.9%. At Sber Bank, on the "Save" deposit when placing funds for 366–549 days the rate is 11.5%.

The inflation background also contributes to strengthening confidence in the national currency.

According to the Eurasian Development Bank, inflation in Belarus in September 2026 amounted to 4.6% year-on-year after 4.5% the previous month. It is forecast that by the end of the year inflation will be around 5%, which is below the limit parameter set for 2026 of 7%.

At the same time, the National Bank earlier noted that citizens' savings activity remains high and supports the trend of de-dollarization of the economy.

Prospects

The National Bank will continue to analyze the development of the situation in the country's economy, including actual and expected dynamics of inflation processes, and, if necessary, will take appropriate measures in the field of monetary and credit policy.

Current trends — growth of the ruble's share in the money supply, increase in term ruble deposits and preservation of high rates on deposits — indicate that the process of de-dollarization of Belarus's economy has a sustainable character.