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National Bank reduces share of forex revenues firms have to sell

April 22, 2016 19:07

As of February 205th, the National Bank reduced the share of foreign-currency revenues that Belarusian companies are obliged to sell to 40% from 50%. This action has been taken in order to demonstrate the foreign exchange market stabilisation and reduce devaluation moods. As a result, Belarus anticipates increasing foreign currency revenues, reducing external current and overdue receivables, and cutting payment terms under export contracts. In the future, the requirement might be reduced to 30%, but this will depend on the situation with imports and on the results of talks with Russia over financial aid to Belarus. 

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Image: Catholic.by

The Belarusian authorities regard the Catholic conference as yet another international event to promote Minsk as a global negotiating platform. Minsk’s proposal to organise a meeting between the Roman-Catholic Church and the Russian Orthodox Church is rather an image-making undertaking than a serious intention. However, the authorities could somewhat extend the opportunities for the Roman-Catholic Church in Belarus due to developing contacts with the Catholic world.

Minsk is attempting to lay out a mosaic from various international religious, political and sportive events to shape a positive image of Belarus for promoting the Helsinki 2.0 idea.

Belarus’ invitation to the head of the Holy See for a meeting with the Patriarch of the Russian Orthodox Church should be regarded as a continuation of her foreign policy efforts in shaping Minsk’s peacekeeping image and enhancing Belarus’ international weight. The Belarusian authorities are aware that their initiative is unlikely to find supporters among the leadership of the Russian Orthodox Church in Moscow. In Russia, isolationist sentiments prevail.

In addition, for domestic audiences, the authorities make up for the lack of tangible economic growth with demonstrations of growth in Minsk’s authority at international level through providing a platform for religious, sportive and other dialogues.