Republic

MINSK, 3 June (BelTA) – A draft decree has been prepared to slow down price growth in Belarus, Belarusian Deputy Economy Minister Andrei Tur told the session of the National Council for Labor and Social Affairs on 3 June. The decree clearly outlines the notions of collusion, unfair competition, and market domination. It provides for empowering antimonopoly bodies to monitor the market and use state sanctions, said Andrei Tur. The number of commodities, prices for which will be regulated by the government, has been increased. Proposals to limit trade markups for imported commodities will be prepared. The measure is supposed to prevent negative phenomena such as a recent three-time increase in the price for children’s footwear in certain shops. The official stressed that the ability of the economy to overcome the crisis was being estimated. The establishment of a stable macroeconomic equilibrium will be the first step on this way. It should be accompanied by a rather rigorous financial, budget, and monetary management policy as well as extra social protection measures. Speaking about the present situation, Andrei Tur said it was very complicated. Belarus’ economy faced two massive shocks at the end of the first quarter. Those are a sharp increase in energy prices and the 56% devaluation of the Belarusian ruble, said the official. According to Andrei Tur, the global economy has not seen this kind of devaluation in the last 20 years, said Andrei Tur. As of 1 June inflation in Belarus is estimated at 120.2%.

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