National Bank tries to slow down devaluation of rouble
Depending on various scenarios, the National Bank estimates that the value of the currency basket may grow by 3-7% by the end of the year in comparison with January 9th, 2015. As of January 26th, the value of the currency basket is growing at roughly 7%. It is unlikely that the National Bank will be able to keep the financial market at this level as Belarusian producers need to improve their competitivity on the Russian market. At the same time, the National Bank-s anti-devaluation measures will lead to currency shortages in exchange offices and higher interest rates for foreign currency deposits, as the National Bank tries to attract household currency savings. Only new loans from Russia or refinancing foreign debts could help improve the economic situation.
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.