National Bank has reduced abilities to regulate size of international reserves
According to the National Bank, in February 2015, assets not included in the international reserves fell by USD 238.6 million to USD 477 million. Using these funds, the National Bank may adjust the international reserves volume, but this amount is only enough for one month. In the future, the financial authorities are planning a new Eurobond issue, despite unfavourable situation on the external financial markets. The authorities are likely to introduce new restrictions on consumer imports, while interest rates on foreign currency deposits might grow slightly. In addition, the decisions already taken to reduce the volume of currency settlements in the country may be revoked. Devaluation has reduced pressure on the domestic currency market by individuals and legal entities; however, Belarus may only make due foreign debt payments if she receives new foreign loans.
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.