Belarusian enterprises are likely to improve financial health
As of October 1st, 2017, the compulsory sale of foreign currency earnings requirement would be reduced from 20% to 10%. Previously, the requirement was reduced from 30% to 20% in August 2016. The requirement has been reduced due to the need to meet the EFSR condition under the USD 2 billion loan agreement. The reduction is unlikely to have a significant impact on the foreign exchange market, albeit currency sales by legal entities are likely to decrease, net sales of currency on the domestic market are likely to persist. Should the Belarusian rouble start devaluing, the reduced requirement would reduce exchange rate losses from the compulsory currency sales and would contribute to the growth in enterprises’ financial stability.
The Belarusian authorities regard the Catholic conference as yet another international event to promote Minsk as a global negotiating platform. Minsk’s proposal to organise a meeting between the Roman-Catholic Church and the Russian Orthodox Church is rather an image-making undertaking than a serious intention. However, the authorities could somewhat extend the opportunities for the Roman-Catholic Church in Belarus due to developing contacts with the Catholic world.
Minsk is attempting to lay out a mosaic from various international religious, political and sportive events to shape a positive image of Belarus for promoting the Helsinki 2.0 idea.
Belarus’ invitation to the head of the Holy See for a meeting with the Patriarch of the Russian Orthodox Church should be regarded as a continuation of her foreign policy efforts in shaping Minsk’s peacekeeping image and enhancing Belarus’ international weight. The Belarusian authorities are aware that their initiative is unlikely to find supporters among the leadership of the Russian Orthodox Church in Moscow. In Russia, isolationist sentiments prevail.
In addition, for domestic audiences, the authorities make up for the lack of tangible economic growth with demonstrations of growth in Minsk’s authority at international level through providing a platform for religious, sportive and other dialogues.