Belarus unable to pay back Soviet-time deposit debts to citizens – Finance Ministry

Belarus cannot afford to pay back Soviet-time deposit debts to its citizens, Deputy Finance Minister Yury Selivyorstau said on Wednesday.

“Speaking about household deposit compensation, one should put the plain question: ‘Does Belarus have funds to fully recompensate the value of our citizens’ savings’? With hand on heart, we do not have enough financial capabilities,” the top official said.

According to him it is not possible to give back not only Soviet-era money holdings of the Belarusians, but also recently depreciated deposits.

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The Belarusian ruble has been repeatedly devaluated. In 2015, the currency lost about 30% of its value.

As a result of hyperinflation, the Soviet ruble sank to nothing. According to estimations of U.S. journalist Jude Wanniski, the Soviet state ‘eliminated’ $600 bn which were on accounts of itscitizens. In his opinion, such depreciation is a sort of expropriation which could be compared to the collectivization of the 30s.

belsat.eu, following interfax.by