Belarusian enterprises allowed making pre-payments to foreign counterparts

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April 22, 2016 19:13

As of May 12th, 2015, Belarusian companies allowed making advance payments when dealing with non-Eurasian Economic Union companies. Such payment restrictions were introduced in November 2008 and were lifted with regard to Russia and Kazakhstan in March 2011. Lifting of restrictions may increase importers activity on the foreign exchange market and import prices may somewhat reduce due to changes in the payment terms. Meanwhile, imports from Russia will not lose their appeal due to a moratorium on the VAT refund on supplies from non-EEU countries. If loan interest rates continue to reduce, companies may hedge the exchange rate risks with rouble loans. The main risk for importers includes administrative measures aimed at increasing sales of domestic products and creating obstacles for imports to Belarus.

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According to Belstat, in August 7,600 people were dismissed, including 4,800 civil servants. Dismissals of civil servants were due to the optimisation in the public administration by up to 30%. Some civil servants would retain their job however would lose the status of a civil servant. Vacancies on the labour market are likely to reduce in number, thanks to the optimisation, the state administration would increase wages for public servants. The payroll fund for retained employees is likely to increase and some former state employees are likely to get jobs in affiliated organizations. The optimisation of the state apparatus should complete by January 1st, 2018, and some former civil servants are likely to join the ranks of the unemployed.