National Bank lifted requirement to register passport data when buying currency as demonstration of control over currency market

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June 05, 2017 13:20

As of June 1st, 2017, the National Bank lifted the requirement for banks to register passport data of foreign currency buyers. This requirement was introduced in October 2011 and was designed to reduce the rush demand for the currency after three-fold devaluation of the rouble. As a result, the cash currency turnover is likely to increase due to the legalisation of some shadow currency operations. Nevertheless, the population is likely to remain the net currency seller. Tax and regulatory bodies will lose one of the main tools for monitoring people’s incomes, which may lead to a reduction in income tax surcharges from citizens with unofficial incomes. By abolishing control over private currency transactions, the National Bank aims to demonstrate controllability of the foreign exchange market to foreign investors and creditors. For citizens, this means that the exchange rate would be relatively stable and would facilitate the dedollarisation of the economy.

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Former civil servants as new factor in unemployment growth
October 02, 2017 12:27

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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