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Legal entities can conduct foreign exchange transactions without National Bank permission, individuals can open accounts in foreign banks From 1 March, Belarus is changing the rules for conducting currency transactions. The innovation is aimed at liberalizing currency relations, expanding the use of the national currency in transactions between Belarusian business entities. Legal entities will be able to conduct foreign exchange transactions without the permission of the National Bank, individuals...

Employment, development of advanced industries and promotion of entrepreneurship in special focus Salaries of state employees are to be increased in May and September. The goal is to ensure the level of remuneration at no lower than 80% of the average salary in the country, the Minister of Finance said. The improvement of regional socio-economic policy was discussed at a meeting of the Council of the Republic and the Academy of Public Administration under the President. Special emphasis was placed...

Document determines priorities in construction for this year Belarus has adopted a state investment program. The corresponding decree was signed by the President. The document determines the priorities in construction for 2019, indicates the sources of financing projects. The program includes more than a hundred objects. First of all, the funds will be directed to those that should be put into operation this year. About 30 new ones will start being built. Among them are the building of surgery...

Belarus to introduce modern forex regulation system in compliance with best international practices in 2021 Belarus’ central bank intends to launch an updated foreign currency regulation system in the country as from 2021, Chairman of the Board of the National Bank of the Republic of Belarus Pavel Kallaur said. A bill on forex regulation and exchange control had been drafted. It reflects liberal approaches to exchange regulation. Instead of a system based on prohibitions Belarus will embrace a...

Minimum labor and social pensions increased Minimum subsistence budget in Belarus increased starting February 1. Now it makes up Br216 per capita on average. This figure will not be changed for the next three months. The child benefit in Belarus is derived from the minimum subsistence budget. The sum of allowance for a child under 3 has also been increased. On February 1, minimum labor and social pensions were revised. In addition, allowances, pensions and extra pays to Belarusians of 75+ have...

National Bank to introduce amendments to Civil Code and Banking Code of Belarus The National Bank of the Republic of Belarus is drafting a new set of measures to cut dollar use; there are plans to introduce amendments to the Civil Code and the Banking Code of Belarus. In 2019 the National Bank will keep working on reducing the dollarization of the economy using available instruments. By the end of the year and in the years to come national currency loans should steadily account for more than 50%...

Cryptocurrency exchange can become an effective instrument for drawing foreign investors Another cryptocurrency exchange can appear in Belarus this year. This step is part of the general course of the largest bank of the country – digitization, hi-tech and long-term perspective. The first cryptocurrency exchange, facilitated by Decree No.8, was launched in Belarus in January 2019. It is the first project of a kind in the CIS. According to experts, a cryptocurrency exchange can become an effective...

Reduction of fiscal burden on taxpayers planned Belarus will continue to improve tax policy. It is planned to further reduce the fiscal burden on taxpayers. One of the priorities is the thorough analysis of the benefits system. This will be tackled by a special working group under the aegis of the Finance Ministry. In addition to government officials, it will include businessmen. Abolition of benefits will not affect effective and profitable industries. Belarusian Tax and Duties Ministry stressed...

Inflation at its two-year's low in Belarus Belarusians have been increasingly using bank savings. According to the regulator's statistics, at the beginning of January ruble deposits reached record-high numbers in the last two years and crossed the mark of 4 billion rubles. Experts attribute the growing trend to high interest rates on deposits in the national currency and de-dollarization efforts. Inflation in Belarus is now at its lowest. Therefore, the public confidence in the national currency...

New and existing economic operators shall be entitled to tax benefits Belarus President Alexander Lukashenko has signed decree On the Development of Orsha District that approves the district’s development program for the period till 2023. To achieve this goal, a series of economic, financial, administrative and tax measures will be taken. New and existing economic operators working in the district shall be entitled to a number of tax benefits.