Masked devaluation: Belarus imposes tax on buying foreign currency 'in view of Russia's affairs'
A temporary 30% levy on purchasing foreign currency has been enforced in Belarus.
Taking into account the state of affairs in the economies of the neighboring countries, primarily in Russia, the government and the National Bank have taken a number of measures to put a stop to the development of negative trends on the currency market and the financial market of Belarus in addition to making deposits in Belarusian rubles more attractive, state-run news agency BelTA reports with a reference to the National Bank of Belarus.
“In view of increasing demand for foreign currency on the domestic market a decision to impose 30 per cent levy on entities’ and persons’ purchasing foreign currency has been made. Enterprises and banks are to disburse it when buying currency at the stock-exchange while persons are to pay commission at banks. The funds will be paid to the budget,” representatives of the National Bank say.
As of 19 December the economic operators, which are located in Belarus, are to sell 50% of their foreign currency proceeds. Off-exchange trade in foreign currency by the corporations that reside in Belarus has been temporarily suspended.
“These measures will allow raising the appeal of Belarusian ruble deposits, balancing the currency market against the heightened demand for foreign currency, and preventing an increase in speculation practices,” the National Bank states.
As it was reported on Thursday, speaking about the country’s economy Belarus president Lukashenka emphasized he had no intention to ‘follow Russia’. He said that no devaluation was on the cards stating that the stability on the currency market is the obligation of the banking system led by the National Bank and the Belarusian government. The other things are in the hands of the population, Lukashenka added warning Belarusians against buying up foreign currency.
