Results of Alexander Lukashenko's meeting with Zhang Dejiang
China’s economy today is implementing global projects. Such projects as the Eurasian Land Bridge. By a twist of fate Belarus is on this route and it can become one of the nodal platforms of a colossal economic project. Being one of the largest investors of today, China felt the perspectives of Belarus and there isn’t a single week without Chinese power brokers visiting Belarus.
A Belarusian satellite was launched from the Chinese cosmodrome, Belarus and China are building the industrial park Great Stone together.
Belarus would like to place bonds on Chinese financial market
Development of the Chinese-Belarusian industrial park and the entry of a Chinese bank into the Belarusian market were discussed April 18 at the Palace of Independence. Belarus President Alexander Lukashenko received the Chairman of the Standing Committee of the National People's Congress Zhang Dejiang.
Belarus' gold reserve exceeds $5bn
Belarus’ gold reserve exceeded five billion dollars for the first time in the last couple of years. A sustainable growth has been going on for 13 months already.
The gold reserves are planned to be increased by no less than 500 million dollars in 2017. Nearly a fifth of this amount was gained in a period of a little over two months. The increment of growth summed up to more than 90 million dollars since the beginning of 2017.
Belarusian Currency and Stock Exchange extends session for 1 hour
The Belarusian Currency and Stock Exchange extends session for 1 hour.
Now you will be able to know the exact exchange rates in Belarus after 14.00. On March 6, the mechanism of settlements changes essentially.
This will improve the efficiency of transactions and, as a consequence, stimulate the further development of the exchange market in Belarus.
Alexander Lukashenko: Belarusian economy needs to have human face
Non-standard measures are necessary to develop the economy - such an idea was voiced at a meeting with the President on February 10. On February 9, Belarus President discussed the possible introduction of the institute of trust management with respect to companies of the republican and municipal property. If you cannot manage property during difficult times, give it to skilled professionals! Yevgeny Pustovoi has more.
Belarus not planning excessive money emission to stimulate economy
Belarus is not going to print excessive money, while trying to find new growth points. Such tasks were set by the President at the meeting with experts on socio-economic policy on February 10.
Taking part in the February 10 meeting are economists holding key positions today as well as former leaders who assumed high government positions. According to Alexander Lukashenko, Belarus used different approaches to economic management. The main requirement is that the steps taken don't create prerequisites for the destabilization of the situation in the future.
Fitch confirms stable long-term rating for Belarus
The international rating agency Fitch has confirmed the long-term rating of Belarus with a stable outlook. It speaks of balanced risks in the foreign exchange market.
The agency believes that Belarus' rating may be even more positive, subject to a number of factors, such as reduced pressure in the area of external financing.
Fitch Ratings International Corporation is one of the most respected agencies and is part of the big three of the major rating agencies of the world.
Belarus Finance Ministry pins hopes on EFSD loan
Belarus hopes for a positive decision on the allocation of the next tranche of a loan by the Eurasian Fund of Stabilization and Development. According to the Ministry of Finance of Belarus, the country has fulfilled 21 out of 22 conditions necessary to take out the loan.
The program of cooperation was signed by Belarus and the Eurasian Development Bank in March 2016. The agreement provides for the allocation of $2 billion. The funds will be provided in seven parts.
Belarus to issue bonds worth $800 million in 2017
The Finance Ministry of Belarus supports the eastern vector. The Qatar Investment Agency was offered to buy Belarus' government Eurobonds.
In 2017, Belarus expects to issue the bonds worth $800 million.
The funds will be spent on new joint projects or for the modernization of existing plants. The creation of the Belarusian-Qatari investment fund may become a catalyst for the bilateral relations.
Banks to foster Belarus-Russia integration
Belarusian and Russian export projects will get support from an integration platform. On December, Deputy Prime Minister of Belarus Vasily Matyushevsky and representatives of the Russian group of VEB banks signed the relevant memorandum.
This form of cooperation will allow Belarus and Russia to promote joint projects, as well as help Belarusian producers to go on third markets.
National Bank of Belarus changes basket of currencies November 1
The National Bank of Belarus changed the structure of the basket of currencies on November 1. Until now, when determining the exchange rate of the Belarusian ruble, the bank took into account the trading volume in dollars, euros and Russian rubles. The regulator has decided to increase the share of the Russian ruble in the basket of currencies to 50% from 40%.
The dollar will retain one-third in the basket, while the euro's influence on the exchange rate will be reduced to 20%.
Belarus President visits Qatar October 30
These days, Belarus President Alexander Lukashenko is in the Middle East. He is now in the United Arab Emirates, but early in the morning of October 30, the President held talks with the Sheikh of Qatar.
This is one of the richest Arab countries. Here, there is the highest oil production per capita in the world. And each of the 2 million people here is a wealthy man. The country spends petrodollars on social services. In Belarus, Qatari businessmen are involved in a number of projects. Today, this list may become longer.
Belarus' National Bank notes growth in BYN deposits
The Belarus National Bank notes the increase in the number of deposits in the national currency. We are talking about newly attracted deposits, says the NBRB.
Belarusians have opened more irrevocable deposits in the national currency. Irrevocable deposits cannot be withdrawn until the end of the contract. Their share in the deposit portfolio has increased by 170% since the beginning of 2016.
An important factor here is the increased interest rate on such deposits. In irrevocable deposits, it is usually 2-3 points higher.
Belarus is on 48th place in list of countries with largest gold reserves
Belarus entered the list of Top-100 countries with the largest gold reserves.
According to the rating compiled by the World Gold Council, we are on the 3rd place among the CIS countries and we hold the 48th place in the world. The sufficient amount of this metal in gold reserves is one of the most important criteria in the evaluation of a country’s economy. This is one of the factors of economic stability and financial security of a state.
It should be mentioned that the USA is on the top of the list, and Russia is a leader among the CIS countries.
Loan program’s discussion: IMF mission starts work in Belarus
The mission of the International Monetary Fund discusses a new loan program in Belarus. The mission officially began its work in Belarus on September 21. The experts will be meeting with a number of government representatives until October. The estimation of the economic processes in Belarus will be given.
The IMF insists on implementing a number of reforms. If the decision will be favorable, the funds will be invested in these reforms.
Control over cashless purchases of Belarusians: reasons for that and people’s reaction
The alarming topic of recent days that was presented as Belarusians’ expenses are under the microscope of the State Control Committee.
According to new instruction 3/336, all cashless payments that exceed 300 BYN will be automatically sent to the State Control Committee.
The majority of people is saying that it’s absurd and that now most of people will pay in cash.
Nevertheless, this regulation existed long before, but it wasn’t a common knowledge.
Loans in Belarus may cheapen after refinancing rate lowers
The Belarus National Bank has lowered the refinancing rate from 20% to 18%.
This is the fourth decline in the refinancing rate from the beginning of 2016. It is expected that this will lead to cheaper loans. Usually, rate of loans that individuals and legal entities can get depends on the refinancing rate.
Belarus lowers refinancing rate to 18% per annum
On August 17 the National Bank of Belarus reduced the refinancing rate by 2 points. Now the figure is 18%.
The financial institution noted that this decision was influenced by the slowdown in inflation.
It should be noted that the refinancing rate declined four times during 2016.
It is expected that this will be followed by decrease in loan rates. After all, rate of loans that individuals and legal entities can get depends on the size of the refinancing rate.
Tourists about new money in Belarus
New Belarusian money has already become a kind of guide for foreign visitors to our country. 7 banknotes depict 7 Belarusian regions and 7 architectural symbols.
Tourists, like many Belarusians, see these notes for the first time. This young man from Turkey has been in the capital only two days but has already spent several hundred redenominated rubles.
Wiktorin: New Belarusian money easier for EU tourists to count
Belarusian banks have carefully studied the experience of a number of European countries in preparation for the July 1 redenomination, said Chairman of the Board of the National Bank Pavel Kallaur. The National Bank officials on July 5 met with the European Union delegation.
The parties discussed the possibility of cooperation in the framework of twinning projects. They are directed at assisting Belarus' Government in work to sync Belarus' legislation with that of the EU. This will affect a variety of spheres.
All checks in Belarusian stores to be switched to new currency by end of summer 2016
Extra zeros will disappear completely from checks in Belarusian stores after the redenomination in the summer of 2016, according to the Ministry of Trade. The department continues to monitor the way sellers handle the new and old notes.
A hot line has been opened by the Ministry. Over the weekend, only four people called. They were mainly interested in how to draw up invoices. There were also questions about software operation in view of the introduction of the new currency.
Can you pay by credit cards in Belarus after redenomination?
Belarus is preparing for the currency redenomination, which will take place on July 1.
The banking system and stores are still working on some technical details that may arise when switching to the new currency, which ISO code will be BYN. The previous BYR 10,000 will now equal BYN 1.
The banking system is ready for the forthcoming redenomination. On July 1 at 8 am, new banknotes and coins will start to be delivered to ATMs, offices, and shops.
By July 1st, new banknotes will reach all corners of the country.
IMF mission to visit Belarus 21-30 June
On June 21, an IMF mission led by Peter Dolman starts its work in Belarus. It will last until June 30.
The guests are going to get familiar with the nuances of the work of Belarusian economy, as well as to consult with representatives of the Government, the National Bank, the private sector and the scientific community.
The West sees no threat from Belarus, Ambassador to Belgium and Luxembourg says
One of the key appointments, which was mentioned in the video digest, was a new Belarusian Ambassador to Belgium with concurrent accreditation in Luxembourg, and at the same time permanent representative to the European Union and the European Atomic Energy Community, as well as Permanent Representative to NATO. Alexander Mikhnevich is here with us in the studio. Judging by the number of duties or list of official titles, there is much to talk about.
Mr Mikhnevich, hello.
Belarus President: Redenomination is politically important
A calm and orderly conduct of the redenomination in Belarus is important including from a political point of view, said President of Belarus Alexander Lukashenko during a working meeting with Prime Minister Andrei Kobyakov and chairman of the National Bank of Belarus Pavel Kallaur.
The head of state noted that Belarus was preparing for the redenomination for several years, and it was proposed to hold it on January 1, 2017. However, it was rescheduled for July 1, 2016.
Austria interested in investing in Belarus' financial sector
Austria is interested in investing in the financial sector of Belarus.
Today, representatives of business circles of that country gathered at a joint business forum in Minsk.
The meeting was attended by representatives of about 20 Austrian companies. They represent such spheres as construction, energy, finance, petrochemical, and consulting.
In Belarus, there are more than a hundred companies with Austrian capital. The volume of investments from that country to Belarus is about $500 million.
Belarus preparing for redenomination, due on July 1
Peru currency is called "nuevo sol". Earlier, it was just "sol" (the sun), and then became "the new sun" - nuevo sol. Belarus will also get new money on 1 July. New notes are already being tested in banks. They are not yet in circulation but the country is actively preparing for the novelties. People, with excitement, wonder how to compare old and new prices faster, some are worried about queues in stores and psychologists give tips on how to adjust to the changes. Anastasia Benedisyuk counted pros and cons of the forthcoming redenomination.
Redenomination in Belarus: Will ATMs give new money from July 1, 2016?
The National Bank has clarified to Belarusian banks some nuances regarding the redenomination, which is due on July 1.
You will be able to change notes for coins (kopecks) at special ticket offices. Belarusian banks will open them in all regions.
Also, by the date of redenomination a third of ATMs will be loaded with new money. By 1 August, you will find only new banknotes in absolutely all ATMs.
Belarus taking 'calm and adequate' measures in view of increased NATO presence
Current approaches to achieving economic security became the main topic at a forum of heads of delegations who gathered in Minsk for a session of the Council of CIS supreme bodies of financial control. The President of Belarus met with international experts June 7.
According to Alexander Lukashenko, the CIS should become a political and economic center of power. This is particularly important in light of the 25th anniversary of the Commonwealth.
The leading financial experts of the CIS countries will stay in Minsk a few days.
Belarusian bank gets loans worth 22 million euros from European banks
European partners have provided the Belarusian bank with loans. Leading banks from Germany, Switzerland, Italy, Hungary and Albania have issued loans for Belarus which total amount is more than 20 million euros.
This is the first syndicated loan Belarus has attracted in eight years. The 22 million euros will go to one of Belarusian banks.
The feature of this type of loan is that it is provided by several financial companies and in different proportions.
Alexander Lukashenko, World Bank's Cyril Muller discuss new cooperation road map
A road map of cooperation with the World Bank needs to be effective. Alexander Lukashenko on June 2 discussed the future projects with the World Bank Vice-President for Europe and Central Asia.
To improve the quality of life is the overall goal of the Belarusian state and the World Bank, the world's largest financial structure.
Financial Diet by Kiryl Rudy now available in English
Minsk hosted a presentation of the English version of the book by Kiryl Rudy Financial Diet. It is about reforming the system of public finances and rational spending of budget money.
Separate issues of private and foreign investment can be found under the cover of the new edition. By the way, a separate version of the book in English has been created specifically for potential investment partners of Belarus.
EurAsEC Anti-Crisis Fund to be renamed Eurasian Fund of Stabilization and Development
The EurAsEC Anti-Crisis Fund will be renamed the Eurasian Fund of Stabilization and Development. This idea was supported 27 May by the upper chamber of the Belarus parliament.
This reshuffle is not just a name change but an important functional reform. After the entry into force of the amendments part of the fund's profits will be used to the provision of grants to finance programs in the social sector, education and health care in low-income countries.
Belarus plans to reduce state support to enterprises - draft presidential decree
Measures to ensure a balanced budget were discussed at a May 17 meeting with the Belarusian head of state. The main task is to reduce budget costs by reducing state support for enterprises.
A related decree was signed in Belarus in February 2016, according to which state-run enterprises were to get recuced compensation for interest payment from the state budget. On May 17, further steps along these lines were talked over. Some specific mechanisms of action were raised.
Belarus President's State of the Nation Address 2016: Main foreign political and economic points
President Alexander Lukashenko on April 21 delivered the State of the Nation Address to the Belarusian people and the Belarus Parliament. The CTV offers you the main points voiced by the head of state.
The President instructed the government to prepare by July 1 the state program of innovative development
Alexander Lukashenko believes the National Academy of Sciences and High Technology Park are the most important components in the innovation strategy.
How did 2016 begin for Belarus' economy?
Alexander Lukashenko demands that the government regroup in solving the tasks of socio-economic development of Belarus. On April 18, the head of state was presented a report on the results of the work of all sectors in Q1 2016.
The event turned out to be really large-scale. 73 participants were sat in one of the largest halls of the Palace of Independence. These are chiefs of the National Bank, the Government, regional executive committees and the Minsk executive committee.
Belarus President demands government address economic issues more efficiently
The President of Belarus requires the highest officials, the government, the National Bank and the governors to better solve socio-economic problems the country faces. A large-scale meeting is being held at the Palace of Independence.
Taking part in the meeting are more than 70 people. The agenda includes two major tasks - to summarize the work in Q1 2016 and identify measures to increase economic efficiency.
Why fast money in Belarus is no longer profitable
Income from money in banks in developed countries is minuscule - less than 1%. However, loans are also cheap. In general, money should work in the economy. One of the ways to do it in Belarus' current situation is to borrow money from the people for a guaranteed long term. Banks offer high interest on these deposits. If people place money only for a short term, they have to pay incomes from the income.
Head of Belarus' National Bank about inflation targets and de-dollarization of economy
Chairman of the National Bank of Belarus was among the senators and discussed socio-economic development plans of the country. During the discussion, he was asked about a recent banking innovation. From 1 April, Belarusians who place money on a bank deposit for a short period will have to pay tax. How did depositors react to this? We asked Pavel Kallaur and he answered much wider, touching on the whole history of the problem, starting from January 2016, when the Belarusian
IMF, World Bank experts to study Belarus' financial system
World Bank and International Monetary Fund experts will study the financial system of Belarus. The joint mission has already got down to work. It will stay in Belarus until 21 April.
During this time the foreign experts will meet with representatives of Belarus’ state bodies, banks and insurance companies.
The large-scale monitoring will result in experts’ recommendations on the increasing of effectiveness of the financial sector.
Belarus plans to achieve single-digit inflation rate by 2017
Belarus plans to achieve an inflation lower than 10% already in 2017. The social and economic development of Belarus for the next 5 years was discussed on April 4 by the Council of the Republic, the upper chamber of Belarus' Parliament.
According to forecasts, by 2020, the task is to limit the inflation rate to 5%. In 2015, the inflation figure stood at 12%.
Belarus receives $500 million Eurasian loan tranche March 30
$500 million were received March 30 by the national budget of Belarus. The first tranche of the loan of the Eurasian Fund for Stabilization and Development has been allocated to Belarus.
The money will go to the reform program of the government's and the National Bank and will be particularly aimed at the creation of the macroeconomic prerequisites for economic growth and market reforms.
Earlier, representatives of the bank said the money will be allocated in 7 tranches during 3 years.
Non-professional participants granted access to foreign currency trading
Non-professional participants of the foreign exchange market from March 21 will gain access to foreign currency trading on the Belarusian Currency and Stock Exchange. These are organizations and companies that do not have a special license.
Earlier, only banks could access such trading.
This innovation will improve the liquidity of the exchange market and reduce the costs of foreign exchange transactions. As a result, enterprises can save. In addition, with the new measures, the value of the foreign currencies will not be so volatile.
Belarus National Bank to reduce refinancing rate to 24%
The National Bank of Belarus will reduce the refinancing rate by one point. From April 1, it will stand at 24% per annum. This is a very indicator for commercial banks when it comes to the percentage policy, loans and deposits.
Last time the refinancing rate changed on January 9, 2015. Then it was increased by 5% on the background of the late December 2014 turmoil in the financial market.
According to the National Bank, the decision was based on an analysis of existing risks.
Legal entities allowed foreign currency operations at Belarusian Currency and Stock Exchange
Legal entities will be able to apply for the purchase and sale of foreign currency at the Belarusian Currency and Stock Exchange. Green light for non-professional market participants will turn on March 21.
Belarusian financial authorities also plan to involve physical persons in the formation of exchange rates. This direction is promising and, according to experts, relevant regulatory documents may appear as early as 2017.
Alexander Lukashenko discusses Belarusian financial market efficiency
Belarus will place its shares on the international capital market, and partial tax exemption for bond income will be preserved.
The efficiency of the Belarusian financial market was discussed on February, 29 during the meeting with the President of the Republic of Belarus. The Government and the National Bank of the Republic of Belarus have prepared three draft decrees.
Belarus to increase effectiveness of combating tax evasion
Pseudo-entrepreneurship and tax evasion make up almost half of crimes identified by financial investigations bodies. The effectiveness of combating such offenses will increase thanks to decree No14. It will come into force in April.
According to the document, after the disclosure of the activities of a pseudo-entrepreneurial structure, financial investigation bodies will identify businesses that used their services. They will be asked to pay the missing taxes.
How did oil become speculative product? Oil price effects on Belarus
The focus of the economy in the week was focused on the ups and downs of world and national currencies as well as their dependence on oil prices. Black gold prices set the tone on the stock exchanges this week. The Belarusian ruble was also affected.
There are a lot of reasons for change in Belarus' currency basket but they all fall into two main groups: external and internal factors. Experts state that about 80% of price changes of the Belarusian ruble are due to external factors.
Will financial market woes stir up prices in Belarus?
There will be no sharp rise in prices in Belarus, said the Ministry of Trade January 21 explaining that there are no apparent reasons for this: the market is supplied with enough goods and a very strong competition is between retail chains, which will guarantee absence of unreasonable price hikes.
Vadim Iosub: Belarusian economy strongly dependent on oil prices
On January 22 the Belarusian ruble has strengthened its position. After yesterday's peak in the exchange rate of the Belarusian ruble experts watched trading on the currency and stock exchange with redoubled attention. At this time, the dollar and the euro fell by 470 and 970 rubles, respectively.
Belarusian Currency and Stock Exchange gets extra functions
Services of the Belarusian Currency and Stock Exchange will become more attractive for investors. After a presidential decree, the stock exchange is given additional functions.
The document will significantly reduce the risks for financiers as transactions will now be more transparent. The Belarusian Currency and Stock Exchange can now independently open current accounts on its site and correspondent accounts in foreign banks. It can also conduct foreign exchange operations with the National Bank.
Belarusian ruble ISO code to change to BYN from 1 July 2016
From 1 July 2016, the Belarusian ruble will change its international designation from BYR to BYN, reports the Swiss Agency for the support of the international standard.
Changes in the international standard ISO 4217 will come into force after the planned redenomination in Belarus.
The Belarusian currency is number 933 and lettering changes from BYR to BYN.
The code BYN consists of BY (the country code of ISO 3166) and N (the first letter of the English word "new").
Kazakhstan marking Independence Day December 16
One of Belarus' strategic partners - Kazakhstan - is marking Independence Day December 16. The nations have made major advances in trade and economic relations: since 2007 the trade turnover has almost doubled.
Alexander Lukashenko congratulated his colleague, Kazakhstan President Nursultan Nazarbayev, on the holiday. Analysts now note high efficiency of joint interstate projects.
Erlan Alimbaev is a banker who has been studying the specifics of the Belarusian market. The bank he manages supports small and medium-sized businesses.
Belarus creates effective national system to counter terrorism financing
The fight against terrorism will be strengthened in the financial market. The countries of the Eurasian Group on combating illegal income, including Belarus, have developed a number of additional measures. In 2016, our country with the help of the World Bank will hold a national risk assessment. This step will help other states too. Those who did not complete the assessment procedure will be in the gray list. This will make it harder for them to work with major financial institutions.
Belarus' government reviews economic performance in H1 2015
Balanced foreign trade, stabilization of foreign exchange reserves and a slowdown in inflation in Belarus. Results of the socio-economic development of Belarus for the first half was summed up today, on August 14, by the government.
The economy is in a difficult external environment. And yet, the country timely pays off foreign debts and ensures the growth of export. Budget revenues amounted to 4.5 percent of GDP.
Financial analyst: Higher volatility will help remove speculators
The Russian ruble has renewed historical minimum. The devaluation of the yuan has been lasting for a few days. The euro is also falling. In recent years, the global financial market has been experiencing a wave of change. Judging by newspaper headlines, not always for the better.
National Bank to regulate formation and functioning of financial market
The World Bank will assist Belarus in reforming the financial sector. WB representatives met with Belarusian colleagues June 26 to discuss the issues of integrated financial sector supervision. The National Bank of Belarus will acquire the status of a mega-regulator. A project to expand its functions is already at an advanced stage.
Belarus to pay creditors over $4 bn in 2015
In 2015, Belarus needs to repay more than $4 billion in internal and external public liabilities.
According to Belarusian media, Belarus will need about $3.1 billion to transfer to the repayment and servicing of the external public debt.
Repayment and service of debt formed in connection with the issue of five-year Eurobonds by Belarus in 2010 accounts for the largest volume of foreign currency payments. The country will need almost $1.2 billion for repayments on these obligations.