Belarus risks devaluation due to IMF forecast of dwindling gold reserves by year-end

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April 22, 2016 19:13

According to the IMF forecast, Belarus’ international reserve assets may drop to USD 2.5 billion or 0.8 months worth of imports by late 2015. It is noteworthy that devaluation in 2009 and 2011 occurred when the level of gold reserves fell below one-month worth of imports. In order to prevent devaluation the government may undertake the following measures: carry out wage freeze policy in order to preserve net sales of foreign currency on the domestic foreign exchange market; step-up its talks with international creditors in order to place new bond issues on international markets; maintain high interest rates (6%) on foreign currency deposits in Belarusian banks for the population; increase pressure on importers in order to curtail imports; and adjust government programmes so that to reduce imports of equipment and raw materials in 2015. 

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Number of citizens excluded from social security system would be expanded
October 02, 2017 12:24

The Labour and the Tax Ministries are considering the possibility to include persons engaged in some economic activity without forming a legal entity in the social security system. When the decree No 337 comes into effect, the number of private entrepreneurs is likely to reduce due to the possibility of reducing the tax burden when switching to a tax payment as an individual. 95% of self-employed, including PE, pay insurance premiums on the basis of the minimum wage. The number of self-employed citizens is expected to increase, the number of insurance contributions to the pension system from PE will decrease, the number of citizens who will pay a fee to finance government spending will decrease by several tens. Self-employed citizens have the alternative not to pay social security fees and save resources for future pensions, which, given the gradual restriction by the state of pension requirements could be a more long-sighted option.

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