National Bank has to find new resources to refinance Belarus’ foreign currency liabilities

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July 26, 2016 0:57

According to the National Bank, the net supply of foreign currency by legal entities and private persons on the domestic market side totalled USD 1.7 million. In the past four months, the average volume of net supply was USD 220 million per month, which helped the National Bank to maintain the gold reserves level. Net currency supply has reduced due to the negative situation in foreign trade and the summer holiday season. During the summer, low net supply of foreign currency will persist. In order to attract currency, banks may raise some rates on foreign currency deposits for legal and physical persons; obtain new syndicated loans, which could be used to refinance the National Bank’s obligations; and the Finance Ministry may place new securities on the domestic market. In view of the favourable situation on the international financial market, Belarus may issue Eurobonds with a total worth of USD 500 - 1000 million, which could solve the problem with servicing Belarus’ external debt before Q4 2016.

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Number of citizens excluded from social security system would be expanded
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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.

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