Belarusian rouble may lose some stability in June 2015
As of June 1st, 2015, the National Bank will switch from fixing mode to continuous double auction mode when trading foreign currency on the Belarusian Currency and Stock Exchange. As a result, banks will set their own currency exchange rates when selling foreign currency to their corporate clients. Such measures will lead to greater national currency fluctuations against foreign currencies. In addition, corporate clients may leave some banks in favour of others, which would offer better exchange rates. Sharp fluctuations in exchange rates may have a negative impact on people’s deposits in the banking system. The National Bank said that if the negative trends on the foreign exchange market increased, it would switch back to fixing mode.
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.