Rouble wages in Belarus to go up in December 2016
According to the National Statistics Committee, the average salary in Belarus in October 2016 totalled 722.9 BYN or BYN 10 less than in September 2016. Nominal wages eroded for the second month in a row mainly due to the negative trends in industry and construction and the end of the harvesting season in agriculture. Due to the absence of foreseeable improvements in the economy, wages are likely to continue to fall. In the public sector, wage growth is restricted by further budgetary cuts. Negative trends on the consumer market are likely to build up and profitability of the retail trade is likely to fall, along with layoffs in retail chains. Rouble wages are only likely to grow in December 2016 due to the year-end bonus payments. However, further on, average wage in Belarus is likely to remain at USD 350-USD 400.
According to Decree No. 221 of June 23rd, 2017, deadlines for the completion of foreign trade operations have been extended from 90 to 180 days for exports and from 60 to 90 days for imports. Delayed payments entailed a fine up to 2% of the transaction cost for each day of the delay, but could not exceed the total cost of the transaction. Most companies, when working with new counterparties, require a deferred payment for a period of three to six months. Due to the new regulation, violations are likely to reduce in number, so as the fines. Trade enterprises are likely to expand the assortment list due to the supply of new products in small lots, and the assortment list of exported Belarusian goods could expand, too. The new terms for completing foreign trade transactions would enable medium and small companies on the foreign trade market, exporters and importers are likely to grow in number and the geography of export-import operations could expand.