Updated at 15:27,23-09-2020

“Ermakova must say to people: the money, which you bring in a bank, you grant us“

Since the beginning of the year, according to the National Statistics Committee, consumer prices in Belarus increased nearly by 70%. What are the consequences of such an inflation for Belarusians?

Who has lost and who gained during the economic crisis? Leonid Zaiko, the head of the Analytical Center Strategy commented on the situation.

"In a civilized state the cheated depositors would proceed against banks"

- First, at this level of inflation depositors are losing money, - supposes Leonid Zaiko. - Banks offer 35% per annum, while inflation is two times higher. So, your money is burned. Nadezhda Ermakova must come out and say that all the money, which people bring in a bank, they just grant.

The people who kept their savings in banks were 'passed over'. I had a deposit in Belarusian rubles too. This money was enough to buy a car... Now all of us the depositors should bring a case before the court, demanding to return our money. If Belarus was a civilized state, we would unite as the cheated depositors.

Conditions of a loan disbursement may be reconsidered

Those, who took a ruble loan in a bank at 15-20% interest can clap. You've "cheated banks". However, it is possible that a bank may renegotiate the contract.

- I know that some customers were invited to come to the bank for clarification of the contract positions, - says Leonid Zaiko. - It's going to happen. Banks in this case bear losses. Practically, you pay almost the third of the money that you took.

"The ruined business should be against privatization"

-If you earned $500 on December 31, then now due to inflation, the salary is $180. You have to understand , someone disrobed you during this time. Capitalists, that is, business people have only 30 percent of their working capital. Our business is ruined. Taking into account the promise to begin privatization, it means the Belarusian business should be against it.

Belarusians will have to farm, and collective farms will become dollar millionaires.

According to Leonid Zaiko, the inflation rate at 70% will force Belarusians to switch to self-sufficiency: to grow apples, tomatoes, pears...

- If you do a livestock breeding and sell meet for 80 thousand rubles per kilo, you will become a dollar millionaire as our collective farms, - the economist says ironically. - Agriculture, selling its products for such a money, should simply roll in wealth. Let's wait and see how it will be. If not, then someone takes away money from collective farms.

"Officials' salaries have to be frozen for three years"

In the current situation, according to Leonid Zaiko, the officials' salaries have to be frozen for the next three years, because "they brought the country to poverty".

- At the same time, labor unions don't need to make demands to raise salaries and to index incomes, - the expert says. - If you raise salaries now, the inflation will spread over three years. Paradoxically, it is better if nobody's salary is increased. Moreover, government officials, ministers. And by the way, to give 500 thousand rubles for vegetables is a wrong decision too. It would be useful to give benefits in vouchers, not in cash. Indexing, wages increase and material assistance to state employees and pensioners, eventually, result in the fact that the annual inflation rate in Belarus exceeds 100%.