Belarusian ruble under increasing pressure
In December 2013, the foreign trade balance deficit was USD 904. 8 million, meaning increased pressure on the foreign exchange market and greater need for financial resources to compensate for the foreign trade deficit. The government may put restrictions on consumer imports, accelerate the BYR devaluation, and increase financial support for exports. As a result, domestic market prices for locally produced goods will go up in order to compensate for losses.
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.