National Bank to fulfil forecast on discount rate for 2016 ahead of schedule

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July 26, 2016 0:33

As of July 1st, 2016, the discount rate will be reduced from 22% to 20% per annum. The discount rate will be reduced due to the slowdown of inflationary processes in Belarus. Interest rates on deposits for individuals and legal persons will be reduced too and the maximum interest rate on rouble loans will be set at 30% per annum. If the volume of administrative loans reduces, interest rates are likely to continue to reduce in the banking system and legal persons may step up their interest in rouble loans. The outlook for the discount rate in late 2016 is circa 21-24% per annum and taking into account the upcoming reduction, this parameter will be met ahead of schedule. If oil prices grow and the national currency stabilises, the discount rate is unlikely to increase again this year.

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Former civil servants as new factor in unemployment growth
October 02, 2017 12:22

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.

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