Belarusian Banks will provide more information about clients’ spending to control bodies
The Resolution of the Belarusian State Control Committee and the National Bank Board No 3/336 of June 20th, 2016 envisages a decrease from BYN 500 to BYN 300 in the size of payments by their clients, which banks have to report to the SCC. This rule excludes information about salaries, payment for utility services, payment for services under contracts with legal persons. As a result, people are likely to reduce non-cash payments, the workflow to process all this information will increase, hence the controlling bodies will need to recruit new staff. In addition, more citizens will be penned by the tax authorities for comparing income/expenditure in order to identify illegal incomes. The measure seems to be very inefficient and may cost more than the desired economic effect. In a while, the resolution may be abandoned or the audited payments’ size may be revised upwards.
President Lukashenka has met with the head of Chechnya Ramzan Kadyrov, who visited Minsk and the Minsk Automobile Plant. Minsk has always sought to have independent links with Russian regional elites, partially, to compensate for the Kremlin's diminishing interest in Belarus. In recent years, Belarus’ contacts with the Russian regions have been extremely intense. However, with some leaders of Russian regions, primarily heads of large republics, communication was more difficult to build. As many analysts in Minsk suggested, Minsk could regard contacts between President Lukashenka and the head of Chechnya as an additional communication channel for relieving tension in relations with the Kremlin. However, most likely, a trusting relationship with Kadyrov is a value for Minsk as such, provided Kadyrov’s broad business and political interests, and a high degree of autonomy for the Chechen leader from the Kremlin.