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Macroeconomic policy

16.11.2017

Are bankers' salaries in Belarus too high?
Are bankers' salaries in Belarus too high? Salaries of bankers must be earned honestly, said Belarus President Alexander Lukashenko during a meeting on the state of affairs in the banking sector. The salary in the banking sector, according to the President, should be calculated according to the same principles as in other spheres. The President also cited ordinary Belarusians calling bankers “fat cats”.

04.11.2017

Belarus to amend monetary policy in 2018
Belarus to amend monetary policy in 2018 Belarus is planning to change its monetary policy in 2018. Within the October economic forum, the chairman of the National Bank of the Republic of Belarus Pavel Kallaur participated in a discussion dedicated to the issue. During the discussion he emphasized that the main aim of the National Bank today is the price stability. “Price stability is the main aim of the National Bank, and it has already been determined in the Bank’s Charter this year. We will be aiming at using monetary policy-inflation targeting”.

20.10.2017

Belarus President demands that utility tariffs be affordable
Belarus President demands that utility tariffs be affordable, warns against price hikes Tariffs for housing and communal services should be affordable to people, said the Belarus President today at the republican seminar dedicated to the improvement and development of the housing and communal services sector.

18.10.2017

Belarus' National Bank cuts refinancing rate to 11%
Belarus' National Bank cuts refinancing rate to 11% Belarus has again reduced the refinancing rate, already for the 8th time since the beginning of 2017. This is, among other things, because of low inflation, which is at only 2.7% in 2017, the best figure in the sovereign history of Belarus. From October 18, the refinancing rate in Belarus is 11% per annum.
Inflation in Belarus at 2.7% in 2017 so far, the best figure in sovereign history
Inflation in Belarus at 2.7% in 2017 so far, the best figure in sovereign history On October 17, the Council of Ministers said inflation in Belarus was at 2.7% as of September 2017, which is the best figure in the sovereign history of Belarus. The government discussed the economic development of the country from January to September 2017. Real incomes of the population increased during the reporting period, however, the schedule for increasing salaries was not fully implemented.

12.10.2017

Belarus' Economy Minister goes to USA to meet with WB
Belarus' Economy Minister goes to USA to meet with World Bank The preparation of a new partnership strategy between Belarus and the World Bank will be discussed in Washington. Belarus' Minister of Economy Vladimir Zinovsky went on a working visit to the United States. In the coming days, the capital of the USA will host the annual meeting of the Board of Governors of the World Bank Group and the International Monetary Fund, in which the Belarusian side traditionally participates.

06.10.2017

Belarus's gold and foreign exchange reserves exceed $7.2bn
Belarus's gold and foreign exchange reserves exceed $7.2bn The gold and currency reserves of Belarus have hit the four-year maximum, exceeding 7.2 billion US dollars.  The positive dynamism is primarily due to the loan from the Russian government in the amount of $700 million, as well as receipts from export duties on oil and oil products. Over 9 months of 2017, the country's gold reserve grew by more than $2.3 billion, an increase of almost 1.5 times.

03.10.2017

New legislative season opens in both houses of Belarus parliament
New legislative season opens in both houses of Belarus parliament The new legislative season opened in Belarus on October 2. Deputies of the lower house of parliament started work from the very morning. The parliamentarians voted to amend the law "On the National Academy of Sciences", approved an agreement on financing cross-border cooperation, and considered the pressing oil issue. In particular, a protocol has been ratified that will help improve the efficiency of the oil refining industry. In total, about 30 documents have been prepared for consideration by parliamentarians.

02.10.2017

Belarusian parliamentarians open new legislative season: Economic bills top priority
Belarusian parliamentarians open new legislative season: Economic bills top priority The new law-making season starts in Belarus on October 2. Autumn sessions are opened by both Houses of the Belarusian Parliament. Today my colleague Anastasia Ivannikova works in the Oval Hall. She is now live from Independence Square. What will the deputies do today? Anastasia Ivannikova, CTV:The deputies have already gathered in the Oval Hall. The third session of the House of Representatives of the sixth convocation has started its work. About 30 documents have been prepared for consideration.

26.09.2017

Number of licensed activities in Belarus to be reduced
Number of licensed activities in Belarus to be reduced The Belarus head of state has reviewed a decree that concerns licensing. The number of licensed activities will be reduced. The list will now include only those that are associated with the threat or harm to society, the state, the environment of life or human health. Vasily Matyushevsky, First Deputy Prime Minister of the Republic of Belarus:The head of state asked the question: "Why can licenses be terminated only by a court decision?" And we paid a lot of attention to this. In general, our arguments are as follows:

19.09.2017

Belarus President: We must not lose control in economy
Belarus President: We must not lose control in economy The Belarus President supported the proposal to grant agroecotourism farms rights to provide additional services. On September 19, the head of state reviewed draft decrees aimed at improving handicraft activities and developing agroecotourism in Belarus. In addition, it is proposed to increase the role of the Council for the Development of Entrepreneurship in the regulation of economic relations.

13.09.2017

Refinancing rate in Belarus down to 11.5% from September 13
Refinancing rate in Belarus down to 11.5% from September 13 Bank loans will become more affordable. Belarus has again reduced the refinancing rate, for the seventh time since the beginning of 2017. From September 13, this financial indicator will equal 11.5% per annum. This decision of the National Bank takes into account the positive economic trends and the stability of the Belarusian financial and credit system.

30.08.2017

Economic growth in Belarus is now highest since 2010-2011
Economic growth in Belarus is now highest since 2010-2011 Inflation in Belarus is 7% and GDP growth is at 103.4%. On August 29 in the Council of Ministers discussed the forecasts of socio-economic development and the direction of monetary policy. The document, which defines the future actions until 2020, is almost done and will soon be proposed for consideration by the Belarus President. In general, according to the draft, a non-deficit balance of payments was formed, without resorting to extraordinary financing.

24.08.2017

Consumer lending in Belarus up by almost a third in H1 2017
Consumer lending in Belarus up by almost a third in H1 2017 People have begun to take loans more often. This was facilitated by a repeated decrease in the refinancing rate and a stable economic situation in Belarus.  In addition, banks are refinancing previously issued loans. This is another moving factor in the market. Moreover, seasonality it yet another reason - many Belarusians take a loan for housing repairs.

23.08.2017

Salaries, prices, food security, housing construction: what topics were discussed at the meeting with President
Salaries, prices, food security, housing construction: what topics were discussed at the meeting with President Prices, salaries, employment, export, food security, housing construction and even the issue of super-combines - these and other topics were discussed on August 22 in the Palace of Independence at a meeting of the Belarus President with the government. The President and the government spoke about key positions: implementation of annual forecasts, control over pricing and labor market issues. The economy has grown, and six of the seven main indicators were met. By the end of 2017, the planned growth of people's real incomes should be exceeded.

22.08.2017

Belarus' economy on the rise, salaries may increase, PM says
Belarus' economy on the rise, salaries may increase, PM says The economy has grown, and six of the seven key indicators are met. By the end of 2017, the planned growth of real incomes of the population should be exceeded. The Belarusian President discussed the socio-economic results of H1 with the government. The government's financial report is still ahead.

08.08.2017

Belarus' gold and foreign currency reserves exceed $6.6 billion
Belarus' gold reserves exceed $6.6 billion After a record high June index the growth of gold and foreign exchange reserves continued growth in July, too. The reason is the proceeds from the sale by the National Bank of foreign currency bonds. Foreign currency trading and increase in funds in bank accounts also played a certain role in the process. Belarus' reserve assets as of August 1 were $6.665 billion. The Belarus government and the National Bank in July performed external and internal obligations in foreign currency to the tune of $533 million.

04.08.2017

Private persons to get access to currency trading at Belarusian Currency and Stock Exchange
Belarusians to get access to world's major companies' shares Private persons will get access to currency trading at the Belarusian Currency and Stock Exchange. Already in 2017, they will be able to participate in transactions with currencies on behalf of banks. To do this, you need to make an application through the Internet or mobile banking and it will go to the stock exchange.

31.07.2017

Fitch says Belarus' credit rating becomes positive
Fitch changes Belarus' credit rating to positive The international rating agency Fitch has changed the credit rating of Belarus from "stable" to "positive". Analysts came to the conclusion that the country's economy is showing good structural indicators.  The improvement of Belarus's access to external financing, as well as an increase in the gold and foreign exchange reserves, has allowed Fitch to make such a conclusion. In addition, Fitch notes the positive impact on the economy of the fact that Belarus reached an agreement with Russia on gas prices. 

19.07.2017

Refinancing rate in Belarus down to 12% on July 19
Refinancing rate in Belarus down to 12% on July 19 Available money means affordable investment. Belarus again reduces the refinancing rate. Now it is at 12%. This is the sixth decline since the beginning of 2017. Stability in the foreign exchange market, the balance of the country's solvency and, of course, the low level of inflation - all this enables the National Bank of Belarus to make such decisions. The reduction in the refinancing rate will primarily affect loans: they will become more affordable for people.

14.07.2017

Belarus' GDP growth expected at about 1% in H1 2017
Belarus' GDP growth expected at about 1% in H1 2017 Belarus' Ministry of Economy expects GDP growth rate of at least 101% in the first half of 2017. July 14, the ministry announced the preliminary results of some industries' performance. Industry is showing steady growth. The lowest level of backlogs over the last five years is now observed. In 2017 alone, Belarusian enterprises have entered 17 new markets. There are no problems in the construction sector either.

07.06.2017

Belarus' foreign exchange reserves exceed $5.2 billion
Belarus' foreign exchange reserves exceed $5.2 billion Belarus' foreign exchange reserves exceed $5.2 billion. In May, they increased by more than $130 million according to IMF standards. The growth of gold reserves is determined by the receipt of oil duties, funds from the sale of foreign currency bonds and the purchase by the National Bank of foreign currency in exchange trades. According to the main directions of Belarus' monetary policy, in 2017, gold reserves should show be increased by $500 million.

28.05.2017

Economist about Belarus’ economic potential
Expert on Belarus’ economic potential Towns will certainly not be left to the mercy of fate. It is vivid from the active work of the high authorities. And it is a Belarusian method to preserve, fix and wait for the possibility to modernize plants, the economy, the political system and the consciousness of people. This is the opinion of Alexander Nakipelov, a famous economist and an Academician of the Russian Academy of Sciences. This is a fragment of his interview from the TV Program “Simple Questions” with Egor Khrustalev.

19.04.2017

Refinancing rate in Belarus reduced to 14%, quicker than expected
Refinancing rate in Belarus reduced to 14%, quicker than expected The refinancing rate in Belarus has been reduced again. Starting from April 19, it stands at 14%. Thus, the Belarusian National Bank notes the stability of the currency market. According to the financial regulator, inflation in Belarus continues to fall much faster than planned. From the beginning of 2017, this is the fourth decline of the rate.

31.03.2017

Belarus' refinancing rate down to 14% from April 19
Belarus' refinancing rate down to 14% from April 19 The National Bank decided to reduce the refinancing rate for the fourth time this year. Starting April 19, the figure will be 14%.  Thus, the regulator notes a decrease in inflation and the stability of the currency market.  It is expected that the rate change will positively influence the banking system and the ordinary citizens thanks to reduced interest on loans.

27.03.2017

Belarus moving rapidly in business environment rankings, Aleksandr Pivovarsky says
Belarus moving rapidly in business environment rankings, EBRD's Aleksander Pivovarsky says The European Bank for Reconstruction and Development is ready to finance the creation of new enterprises. Last week, one of the leaders of the bank met in Minsk with the Belarusian President. The head of the bank's representative office in Belarus Aleksander Pivovarsky told our correspondent Yana Shipko about the plans and intentions of the bank.

17.03.2017

Belarus President meets with IMF mission head Peter Dohlman
Belarus President meets with IMF mission head Peter Dohlman Prospects of cooperation between Belarus and the International Monetary Fund were discussed in Minsk on March 16. Alexander Lukashenko met with the head of the IMF mission in the country by Peter Dohlman. At the moment, consultations continue with this financial organization. Experts point out that the budget for 2017 meets the requirements for the start of the new joint program.

16.03.2017

Belarus may adopt market model of unemployment insurance
Belarus may adopt market model of unemployment insurance The market model of unemployment insurance may be introduced in Belarus. The proposal comes from the Ministry of Labour and Social Security. Thus, people who lose their jobs will be able to count on a high allowance during the first six months. Payouts are supposed to equal 60% of the average salary at the last job the person had.

15.03.2017

Refinancing rate in Belarus is now at 15%
Refinancing rate in Belarus down to 15% The refinancing rate is again reduced in Belarus. From March 15, it becomes 15%. This is the third decline in the interest rate since January 2017. Thus, the National Bank notes the stability of the foreign exchange market of Belarus.  It is expected that loans will become cheaper in the future. Furthermore, deposits denominated in Belarusian rubles may become more attractive. It should be noted that last time the exchange was at 15% back in 2005.

08.03.2017

Belarus to reduce refinancing rate to 15% from March 15
Belarus to reduce refinancing rate to 15% from March 15 The chief financial regulator of Belarus, the National Bank, is reducing the refinancing rate further to 15%.  The decision shall enter into force on 15 March 2017. This is the third decline in the interest rate since January 1, 2017. At the beginning of 2017, the refinancing rate was 18%.  Slow inflation, as well as the stability of the foreign currency and deposit markets has allowed the regulator to lower the rate this year by three points.

03.03.2017

Belarus' economy minister: Any inspection should anticipate violations
Economy minister: Inspections in Belarus should not stiff companies Minsk hosted the Assembly of Business Circles on March 1. The forum was one of the central events of Belarusian Entrepreneurship Week. Representatives of business and government met at one site. Now one of the main tasks is to give more freedom to private initiative. Work is already under way: for example, trade inspection has been banned from inspections, sanitary rules have been significantly simplified and small businesses will no longer by checked by the Emergency Situations Ministry.

22.02.2017

Belarus Premier about $500 salary: This money must be earned
Belarus Premier about $500 salary: This money must be earned The average salary of $500 in Belarus is a goal for the government in 2017. On February 21, the government talked about how to ensure growth of incomes of Belarusians and also discussed the economic results of January. According to the Prime Minister, the stability of the domestic currency market has been ensured. The attractiveness of Belarusian ruble deposits has been secured too.

17.02.2017

Over 40 large investment projects to be implemented in Minsk in 2017
Over 40 large investment projects to be implemented in Minsk in 2017 More than 40 major investment projects will be implemented in Minsk in 2017. The lion's share of them relate to the construction of social facilities and the creation of high-tech enterprises. Among them are the third branch of the Minsk subway, the center of the artistic gymnasts and the renovation of the Dinamo stadium. In 2016, Minsk attracted $6 billion dollars of foreign capital. In addition, the city's authorities allocated in 2017 about five million rubles of budget funds to support small and medium-sized businesses.

14.02.2017

Belarus to expand scope of application of its ruble
Belarus to expand scope of application of its ruble Taking into account the reduction of foreign exchange risks the Council of Ministers and the National Bank of Belarus approved the plan for the de-dollarization of the economy. Decline in inflation and higher yields of bank deposits in Belarusian rubles create a favorable background for complete switch from dollars to rubles in domestic economic relations. In any case, the US dollar will no longer be a measure for the settlements and payments of taxes, duties and when it comes to tariffs, rates and prices.
Alexander Lukashenko: Belarusian economy needs to have human face
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.

13.02.2017

Labor ministry says $500 salary is real target in 2017 The average salary of $500 in 2017 in Belarus is quite a feasible task, said the Ministry of Labour and Social Protection. It believes that earnings can be raised by optimizing staff or seeking extrabudgetary funding. With regard to commercial organizations, a decisive factor will be growth of labor productivity.
President Lukashenko meets with chief editor Narodnaya Volya newspaper Iosif Seredich
President Lukashenko meets with chief editor Narodnaya Volya newspaper Iosif Seredich Recent national issues were the subject of conversation between Alexander Lukashenko and chief editor of the newspaper Narodnaya Volya Iosif Seredich. The journalist asked the President about a personal meeting during the "Big conversation", which took place on February 3. And today at the Palace of Independence the Head of State met with the Mr Seredich. In fact, this meeting was a continuation of the serious conversation of February 3.

10.02.2017

Belarus not going to issue excessive money to stimulate economy
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.

09.02.2017

President Lukashenko comments on trust management of enterprises
Belarus considering alternatives to privatization Belarus may introduce the institution of trust management of enterprises. On February 9 the Government presented the new legislative initiative to the President. Its meaning is simple. Unprofitable plants, factories and state-owned agricultural farms will be given to private investors temporarily (for five years). The new leadership should help restore the work of these companies, and in return the temporary managers will keep part of the profits.

08.02.2017

Belarus' Economy Ministry wants more contribution from scientists
Belarus' Economy Ministry wants more contribution from scientists On February 8 Belarusian MPs discussed economic issues. At the legislative level, they are ready to do everything necessary for stimulating business initiative in the country. The program of social and economic development, which ensures a decent standard of life of Belarusians, requires innovative approaches to its implementation.

06.02.2017

Fitch confirms stable long-term rating for Belarus
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.

03.02.2017

President Lukashenko: Private property on land premature
President Lukashenko: Private property on land premature Introducing private ownership of land in Belarus is premature for now, said President Alexander Lukashenko at a meeting with public representatives of Belarusian and foreign mass media on February 3. Photo: Official Internet portal of the President of the Republic of Belarus
Belarus President personally controls situation at largest industrial enterprises
Belarus President personally controls situation at largest industrial enterprises Hard times have hit both private and public enterprises, said President of Belarus Alexander Lukashenko at a meeting with public representatives of Belarusian and foreign mass media. The President said that he personally controls the state of affairs at such industrial giants as MTZ, MAZ, Gomselmash, BMZ and compares with what is happening at privatized firms such as Amkodor.
Belarus President: Benefits will be given to only profitable projects
Belarus President: Benefits will be given to only profitable projects Benefits will be given in Belarus only to projects that will give results. This was stated by President of Belarus Alexander Lukashenko at a meeting with representatives of the public, Belarusian and foreign media.
Belarus President insists on salaries of $500 in 2017
Belarus President insists on salaries of $500 in 2017 The requirement to raise the average salary in Belarus to $500 in 2017 must be performed, requires President of Belarus, Alexander Lukashenko, at a meeting with representatives of the public, Belarusian and foreign mass media, according to Belarusian media. "No matter what but [an average salary of] $500 needs be in place," said the head of state.

01.01.2017

President Lukashenko wants $500 salary for Belarusians as New Year gift
President Lukashenko wants $500 average salary for Belarusians as New Year gift On December 30, Alexander Lukashenko visited Nikolaevschinsky home for war veterans, labour veterans and the disabled. After a warm dialogue with the residents, the President of Belarus answered questions of the journalists who accompanied him on the trip. It is customary in Belarus to make a wish before the New Year's Eve. Journalists asked Alexander Lukashenko whether he has a gift that he would like to get for New Year.

27.12.2016

Alexander Lukashenko: Belarusian free economic zones must retain competitiveness in EEU
Alexander Lukashenko: Belarusian free economic zones must retain competitiveness in EEU The free economic zones in Belarus should maintain their competitiveness in the Eurasian Economic Union (EEU) market, be attractive to investors and ensure the development of the national economy. On December 27, the Belarus President held a session to discuss the operation of Belarusian free economic zones (FEZs) in connection with the onset of 2017.
Vasily Matyushevsky: Belarus hopes 2017 will be easier for country's economy
Vasily Matyushevsky: Belarus remains a responsible borrower On December 26, the Belarus President held a meeting at the Palace of Independence to discuss economic security. In particular, they talked about conditions to attract foreign investments in Belarus. These investments must comply with public interests, said President Alexander Lukashenko. The Head of State noted that one of the most important channels of credit receipt is banking sector. In recent years, Belarus has developed business partnerships with a number of foreign banks operating in the country.

21.12.2016

Belarus President insists on $500 average salary in 2017
Belarus needs to scale down checks of businesses in 2017, President says The Presidential Administration of Belarus now has new leadership. It will be headed by Natalia Kochanova - former Deputy Prime Minister. Her first deputy will be Maxim Ryzhenkov. Prior to that, he served as vice-president of the National Olympic Committee.

16.12.2016

Belarusians' incomes to grow 11% by 2020
Belarusians' incomes to grow 11% by 2020 Investments, employment, exports, information, and youth. The Belarus President approved a program of socio-economic development of the country until 2020. Its main purpose is to improve the quality of life, attract investment and develop innovations. By 2020, Belarusians' revenues should grow by 11%, while inflation should not exceed 5%.

14.12.2016

Belarus Finance Ministry proposes Eurobonds to Qatar Investment Agency
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.

01.11.2016

National Bank of Belarus changes basket of currencies November 1
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%.

14.10.2016

Labor pensions in Belarus to increase from December 1, 2016
Labor pensions in Belarus to increase from December 1, 2016 The first day of winter will warm the retired in a special way. Labor pensions are increased in Belarus on December 1. The corresponding decree was signed on October 13 by the President of Belarus. The costs will be financed at the expense of the state extra-budgetary fund of social protection of the people. According to the 2017 budget, labor pensions are going to increase two times. SEE: Salaries in Belarus to grow by 9% in 2017

06.10.2016

Upper chamber of Belarus parliament approves budget for 2017
Upper chamber of Belarus parliament approves budget for 2017 On October 6, Belarusian senators approved the draft budget for 2017. The budget retains social orientation and takes into account Belarus' loan obligations.  The thickness of the 'national purse' will be the same as in 2016, while the consolidated budget will grow by 6%. The tax burden on the economy will fall. The 2017 budget is conservative, while its profitability has been calculated on the basis of oil prices at $35 per barrel.

05.10.2016

Priorities of Belarus’ social and economic development for 2017
Priorities of Belarus’ social and economic development for 2017 The main targets of the social and economic development of Belarus for 2017 were established. The President signed the corresponding document. Inflation is one of the key points. It should not be increased by 9% during 12 months. It is expected to receive direct investment worth 1.5 million dollars. The document allows for a positive dynamics in foreign trade. Belarus needs to sell 3.8% more domestic products in 2017. Besides, the President approved principal directions in the monetary policy of Belarus.
Half of budget expenses to be earmarked for social policy in Belarus in 2017
Half of Belarus' budget expenses to be earmarked for social policy in 2017 Representatives of the House of Representatives have adopted the draft budget for 2017 in the second reading. It was approved by a majority vote.  State revenues were approved in the amount of more than BYN18 billion, expenses over BYN16 billion. Over 40% of planned revenues will come from value-added tax.
What is Belarus' main socio-economic development goal for 2017?
What is Belarus' main socio-economic development goal for 2017? Growth of competitiveness of the economy is the main goal for the next year. The President of Belarus signed a decree on the socio-economic development for 2017. Ensuring macroeconomic balance, financial recovery of the real sector companies, the growth of labor productivity, creation of new jobs - these tasks are named the key ones in the document. The GDP in the coming year is projected at 101.7%. On 4 October, the President, in a decree, approved the monetary policy guidelines for 2017. It will maintain continuity and facilitate

27.09.2016

Belarus discussing draft budget for 2017
Belarus discussing draft budget for 2017 Belarus is discussing the most important financial document - the budget for 2017. The relevant draft document has already been published by the Ministry of Finance and received first comments. The talk show "What's Going On?" on RTR-Belarus tried to figure out what Belarus' economy will be like in 2017? Mikhail Kovalev, dean of the economic faculty of Belarusian State University, Doctor of Physical and Mathematical Sciences, professor:   This is a budget taking into account the worst case scenario.

26.09.2016

Belarus President: Knowledge and technology are key to solving economic problems
Belarus President: Knowledge and technology are key to solving economic problems Export of products for Belarus is like oxygen to the body. But economic success does not depend only on external factors. On Friday, President Lukashenko sternly warned the government on this issue and demanded to search internal reserves, which can still be found, no doubt about that. I think that every self-critical employee and manager can agree with it. It's not just about the number of blister or the amount of sweat, but also about the effective management, new knowledge and, of course, new technologies.

23.09.2016

Belarus President warns against changes in economic policy after All-Belarus People's Assembly
Belarus President warns against changes in economic policy after All-Belarus People's Assembly President of Belarus demands the strict implementation of decisions adopted at the All-Belarus People's Assembly. Alexander Lukashenko emphasized this during the Government's H1 2016 economic report and 2017 draft budget and future monetary policy discussion. In general, the economic situation in the country is stable and conditions are being created for the quality growth of the main indicators. Belarus is fulfilling the government's liabilities and is paying out foreign currency loans. However, there are problems in construction, agriculture, and industry.

02.09.2016

New redenominated money account for 90% in circulation in Belarus
New redenominated notes account for 90% of money circulation in Belarus By autumn 2016, Belarusians have about 10% of old currency notes after the July redenomination. The large part of bills of the 2000 sample has already been withdrawn from circulation. However, the National Bank suggests that it is impossible to withdraw all notes from circulation. And here is why.

23.08.2016

Belarus' President holds meeting on state of banking sector
Belarus' President holds meeting on state of banking sector Questions of economy and the state of affairs in the banking sector have been reviewed at a meeting held by the Belarus President on 23 August. The Head of State met with the Prime Minister of Belarus, Andrei Kobyakov, and Chairman of the Board of the National Bank Pavel Kallaur. In particular, Alexander Lukashenko was informed about the situation on the currency market, as well as on cooperation with the World Bank.

17.08.2016

Loans in Belarus may cheapen after lowering of refinancing rate
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
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.

16.08.2016

Belarus' President promises to constantly monitor KPI of regions
Belarus' President promises to constantly monitor KPI of regions August 15, a meeting was held in the Malorita district dedicated to the socio-economic development of the Brest region. President Alexander Lukashenko spoke about the new format of his working visits to the country's regions. It will now change, which is due to the intention of the head of state to examine the situation on the ground closely, to see the problems and compare it with the available information on other regions. The Malorita district is among the laggards in terms of a variety of positions.

04.08.2016

Belarus' refinancing rate down to 18% per annum from 17 August
Belarus' refinancing rate down to 18% per annum from 17 August The refinancing rate in Belarus will be reduced by 2 percentage points to 18% per annum. This decision will come into force from 17 August. This was reported on August 4 by the National Bank. This is the fourth such downward decision from the beginning of 2016. The decision was taken by the National Bank Board and the Monetary Policy Committee of this financial institution. 

08.07.2016

Fuel prices not to raise in Belarus, Vladimir Semashko says
Fuel prices not to raise in Belarus, Vladimir Semashko says The Council of Ministers of Belarus has removed the restriction on export of fuel abroad. From 2011, one could travel outside the Eurasian Economic Union from Belarus on the same vehicle no more than 1 time in 8 days. If one had to travel abroad more frequently, he needed to pay a fee. The regulation shall enter into force on 1 September 2016.

03.07.2016

Alexander Lukashenko: "In difficult times, we need to shake things up and be proud of what we have created"
Alexander Lukashenko: "In difficult times, we need to shake things up and be proud of what we have created" Belarus is celebrating Independence Day 3 July but official events kicked off on Friday, July 1. President Lukashenko spoke at a solemn meeting in the Palace of the Republic. This presidential speech was full of topics that are important for the country.

30.06.2016

Vladimir Semashko: Industry is main contributor to Belarus' GDP
Vladimir Semashko: Industry is main contributor to Belarus' GDP Belarusian industry monthly shows higher growth rates compared to that of EEU partners, Deputy Prime Minister Vladimir Semashko said at a joint session of the House of Representatives and the Council of the Republic. It is now industry that is the main contributor to the restoration of the republic's GDP. The reforms that began in late 2015 showed their effectiveness. Also, the Deputy Prime Minister announced reduction in electricity prices. Gas prices and energy costs for Belarusian companies will still be tied to the US dollar.
Macroeconomic stabilization measures of late 2015 bearing fruit in Belarus
Macroeconomic stabilization measures of late 2015 bearing fruit in Belarus The macro-economic stabilization measures adopted in late 2015 are bearing fruit, said Vice-Premier of Belarus Vladimir Semashko on June 30. The Belarus government is reporting to the parliament today. Such dialogue of the executive and legislative power is an opportunity to improve the quality of work of the government and parliament.

27.06.2016

Railway station opens in free economic zone Mogilev
Railway station opens in free economic zone Mogilev A railway station has been opened in the free economic zone Mogilev for the convenience of exporters. Raw materials and products will now be delivered here by rail transport. Among the residents of the economic zone are large woodworking plants. All products from these factories are exported. Previously, only road transport was used for shipping. Transportation by the new railway line will be cheaper. Its length is 6 kilometers. It was built for budget funds, as well as the entire infrastructure.

22.06.2016

Economy Minister: 2016-2020 development program will lift Belarus to new heights
Economy Minister: 2016-2020 development program will lift Belarus to new heights Very soon the second part of the All-Belarusian People's Assembly will begin. These will be the debates, those useful suggestions with which delegates came to the assembly and which Alexander Lukashenko asked to voice earlier in his today's speech. Mr Zinovsky, your sphere, economy, as a priority, of course. Do you remember those times when Belarus had to walk on thin ice and then progressively moved forward?
Belarus President says ready for economic reforms but doubts people are ready
Belarus President says ready for economic reforms but doubts people are ready The unity of the people saves peace in the country and the country itself. Belarus needs to overcome the difficulties only thanks to own labor and acting all together, said President Alexander Lukashenko at the V All-Belarusian People's Assembly, which continues in the Palace of the Republic. The brought together 2,500 delegates from across the country. At the meeting they can express their views on how to further build our own life in the next five years. Foreign guests are also taking part in the forum.
Alexander Lukashenko: Belarus' new development program aims at evolution, not revolution
Alexander Lukashenko: Belarus' new development program aims at evolution, not revolution The unity of the people saves peace in the country and the country itself. Belarus needs to overcome the difficulties only thanks to own labor and all together, said President of Belarus Alexander Lukashenko at the V All-Belarusian People's Assembly, which began at the Palace of the Republic June 22.

21.06.2016

Best companies and regions honored in Minsk June 21
Belarus' GDP up 5.8% in 2011-2015 On the eve of the All-Belarusian Assembly, the best districts and companies of the country were honored at State Flag Square. They are now on the renewed National Board of Honor. The corresponding decree was signed by the Belarus President. The Minsk, Vitebsk and Grodno regions have been hailed for performance in the field of socio-economic development. The Zhitkovichi, Nesvizh and Dokšycy districts are the most thrifty.
All-Belarusian People's Assembly is a real platform for discussions, delegates say
All-Belarusian People's Assembly is a real platform for discussions, delegates say Minsk is welcoming the delegates of the fifth All-Belarusian People's Assembly. The participants of the event have met at Oktyabrskaya Square and took a traditional commemorative photo. Buses with participants from every corner of the country are coming to the Palace of the Republic literally every half hour. Also today, the delegates will visit the Museum of the Great Patriotic War. Representatives of labor collectives were able to not only meet with colleagues from across the country, but informally discuss the forthcoming great dialogue.

09.06.2016

Redenomination in Belarus: Will ATMs give new money from July 1, 2016?
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.

01.06.2016

Belarusians do not refuse from expenditures on education, leisure and charity
Belarusians do not refuse from expenditures on education, leisure and charity Belarusians do not refuse from expenditures on education, leisure and charity even in difficult economic times. This is the outcome of a survey among Belarusian Internet users. Hobbies and training are the basic things Belarusians are willing to pay for. Belarusian users spent on online courses an average of BYR 568,000 during two months - twice more than a year ago.

30.05.2016

EurAsEC Anti-Crisis Fund to be renamed Eurasian Fund of Stabilization and Development
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.
Matyushevsky: Belarus economic policy will be flexible and adaptable to external changes
Vasily Matyushevsky: Belarus' economic policy will be flexible and adaptable to external changes The economic policy of the Government of Belarus will be flexible and adaptable to external changes. All this will allow achieving economic growth in the second half of 2016, said May 27 First Deputy Prime Minister Vasily Matyushevsky at a joint session of the two chambers of the Belarusian Parliament. Emancipation of business initiative has been called one of the components of economic growth. Financial resources for business will become more affordable. 

29.05.2016

Alexander Lukashenko: Belarusian products in demand around the world. We must learn to sell them
Alexander Lukashenko: Belarusian products in demand around the world. We must learn to sell them The word "crisis" has already set our teeth on edge. But the crisis has also good consequences sometimes. It teaches us to prudently use the resources, to manage the budget in German style, not at random. The crisis will quickly teach Belarusian companies to sell machinery and other products on external markets instead of sitting idly and waiting for clients. This was the thought expressed by President Lukashenko during his Friday visit to the Pinsk plant of the engineering holding company Amkodor. Our correspondent Yuliya Beshanova visited the plant too.
Alexander Lukashenko: Belarus has everything for annual GDP growth
Alexander Lukashenko: Belarus has everything for annual GDP growth Let's start with the economic topic, which is the main one in politics and in "kitchen debates". Different economic topics are on people’s lips, for example, the introduction of new banknotes in Belarus. It will happen in a month and stores are already preparing us to the new price tags (without the four zeroes). The ruble's face value will become closer to major world currencies. But not only the ruble. 

26.05.2016

Belarus plans at least 2.5% GDP growth by 2020
Belarus plans to restore economic growth in 2016-2020 Belarus plans to reach the economic growth that is not below the world average, which is 2.5-3.5 percent. On May 26, the President discussed with the government the main goals of Belarus' socio-economic development for the next five years. The country should restore the losses and reach a positive trend.

17.05.2016

Export growth and new jobs: What tasks is Belarus government facing in Q1 2016?
What economic tasks is Belarus government facing in Q1 2016? Export growth, creation of new jobs and prevention of decrease in agricultural production volumes are the economic tasks the Belarus government is facing in Q1 2016. In recent years, it implemented a number of measures for macroeconomic balancing. As a result, during the first months of 2016, balance has been achieved in domestic foreign exchange market and the size of foreign exchange reserves was kept. Moreover, about 7,000 people were employed through the creation of new industries.
Belarus plans to reduce state support to enterprises - draft Presidential decree
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. 

06.05.2016

National Bank of Belarus
Downward interest rate trend in Belarus to remain Downward interest rate trend on credit in Belarus is to remain. The National Bank of the Republic of Belarus believes in the further reduction of the interest rates, with the latter having changed on 1 May, 2016 to 22% per annum now.

05.05.2016

Belarus' ATMs to be "reloaded" after July 1 redenomination
Belarus' ATMs to be out of function on July 1 redenomination day The National Bank said that ATMs in Belarus will be out of function on July 1 because of the re-denomination. It was announced that software update will be underway the whole day. Also, banks have received a recommendation to use banknotes worth 5, 10, 20, 50 and 100 rubles to load ATMs. The largest one - worth 500 rubles - will be available in banks only upon request. More on redenomination in Belarus

03.05.2016

New procedures for state support provision in Belarus
New procedures for state support provision in Belarus Money will be sent only for worthy economic projects. On May 2, a decree on state programs and financial support came into force. Only investment projects within the framework of a particular government program will get support from the state budget. An investment project itself must meet the criteria of enhancing the profitability of goods and reduction of costs. The requirements are harsh but there is only one exception from the rule - a decision about the provision of state support can be taken by the Belarus President.

02.05.2016

Refinancing rate in Belarus down to 22% from May 1
Refinancing rate in Belarus down to 22% from May 1 On May 1, the refinancing rate in Belarus decreased by 2 points to 22%. Such a move has been made possible thanks to the stabilization of the ruble exchange rate and inflation. Experts predict a decrease in interest rates and the growth of demand for borrowed capital.

26.04.2016

Alexander Lukashenko visits Chernobyl-hit areas of Belarus on April 26
Belarus President calls new economic development program realistic April 26, the Belarus head of state answered questions from journalists. One of them concerned the holding of the 5th All-Belarusian People's Assembly. Alexander Lukashenko called "realistic" the new program of social and economic development of Belarus for the next 5 years.
New Belarusian banknotes to boast unique protection system
New Belarusian banknotes to boast unique protection system New Belarusian currency notes are to be among the most protected in the world. One will be able to determine their authenticity not only traditionally, by touching or looking at watermarks. Separately, each note will have a kind of relief and a special mark for the visually impaired.  Banknotes worth 200 and 500 rubles will be marked by optically variable ink, while notes worth 50 rubles and up will use the unique protection system MASK.

24.04.2016

Belarus President's State of the Nation Address 2016
From ministers to actors: Belarusians discussing President's 2016 State of the Nation Address The famous American magazine Time published this week a list of the most influential people in the world. This is an annual tradition. The list includes politicians, businessmen, and idols of the public. About 30 people are in the Leaders section: these are heads of the largest countries and international organizations. The influence ranking is not built according to the scale or the size of a country. This is a worldwide vote organized by the authoritative edition.

21.04.2016

Belarus President's State of the Nation Address 2016: Main points
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.
President: 2016 should be decisive in dealing with negative economic trends
Belarus President: 2016 should be decisive in dealing with negative economic trends 2016 should become decisive in combating negative trends in Belarus' economy, said President Alexander Lukashenko today in his State of the Nation Address to the Belarusian people and the National Assembly. The Head of State drew attention to the fact that in the last few years, the pace of development in the economy slowed down a bit. And although this is mainly down to external factors, one needs to work at home to resolve the issues.

19.04.2016

Belarus premier urges to use innovation potential in economic policy
Belarus premier urges to use innovation potential in economic policy The potential of the national innovation system should be fully used when solving the most important social and economic problems, said April 19 Belarus' premier Andrei Kobyakov at the meeting of the Presidium of the Council of Ministers of Belarus.
How did 2016 begin for Belarus' economy?
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. 

18.04.2016

Belarus President holding meeting on economic situation and measures to increase its efficiency
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.

10.04.2016

Belarus Premier presents government's action program for 2016-2020
Belarus Premier presents government's action program for 2016-2020 Pragmatism of Belarus' relations with foreign countries should be based on the government's economic strategy. On Tuesday, Prime Minister Kobyakov presented in the Oval Hall the program of the government's activities for the coming years.

06.04.2016

Belarus' lower chamber of parliament approves government activities program for 2016-2020
Belarus' lower chamber of parliament approves government activities program for 2016-2020 The government's strategy of activities for a five-year term has been approved by the House of Representatives. The document presented by Belarus' Prime Minister Andrei Kobyakov. It outlines the directions, measures and mechanisms according to which the authorities plan to develop the economy of Belarus. Valentina Zheleznaya knows the details of how the voting took place.

05.04.2016

Belarus economy to retain social orientation: Government action program to be reviewed April 5
Belarus economy to retain social orientation: Government action program to be reviewed April 5 The program of government activities up to 2020 will be reviewed by Belarusian MPs on April 5. The document will be presented by Prime Minister of Belarus Andrei Kobyakov. The program states that the economy will retain its social orientation. The growth of real incomes of Belarusians will be predetermined by GDP figures, labor productivity and will equal at least 110% over five years.

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