The National Bank of Belarus has recorded a further decline in the level of dollarization within the economy as of the end of March 2026. The share of the Belarusian ruble component within the average broad money supply rose to 65.9%, up from 61.5% a year earlier.

This growing confidence in the national currency is reflected in savings trends: the average volume of fixed-term ruble deposits increased by 22.9% over the 12-month period, while deposits held by individuals surged by 40%. This indicates a shift in the population's savings preferences toward the Belarusian ruble.

At the same time, the growth rate of the money supply slowed slightly. The average ruble money supply increased by 25.4% year-on-year—down from 28.7% a year earlier—while the growth in the broad money supply remained virtually unchanged, standing at 17% compared to 16.8%.

The structure of the money supply also continued to improve. The share of fixed-term ruble deposits rose by 0.5 percentage points to 44% during the January–March period, while the share of the most liquid assets (the M1 aggregate) declined to 51.9%, indicating a strengthening of the financial system's stability.