Real wages in national currency in 2016 may exceed 2015-level

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August 31, 2016 15:21
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According to the National Statistics Committee, gross salary in Belarus in July reached BYR 745.8 or 94.7% of that in July 2015. Real wages reduced due to high inflation rate and restricted wage growth in most economic sectors. In the coming months, wages are likely to grow smoothly, which should improve the retail sale situation. The population will be the net seller of foreign currency in order to preserve current consumption levels. Starting from August 2015, wages were falling, which created a low comparative base for 2016. Hence, real wages, adjusted for inflation, may exceed those in 2015 by October-November 2016.

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President Lukashenka has met with the head of Chechnya Ramzan Kadyrov, who visited Minsk and the Minsk Automobile Plant. Minsk has always sought to have independent links with Russian regional elites, partially, to compensate for the Kremlin's diminishing interest in Belarus. In recent years, Belarus’ contacts with the Russian regions have been extremely intense. However, with some leaders of Russian regions, primarily heads of large republics, communication was more difficult to build. As many analysts in Minsk suggested, Minsk could regard contacts between President Lukashenka and the head of Chechnya as an additional communication channel for relieving tension in relations with the Kremlin. However, most likely, a trusting relationship with Kadyrov is a value for Minsk as such, provided Kadyrov’s broad business and political interests, and a high degree of autonomy for the Chechen leader from the Kremlin.

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