Economy Minister announces war on inflation in 2015
Reducing the inflation rate and hence inflation and devaluation expectations of the nation should be the key task in 2015, stated Belarusan Economy Minister Nikolai Snopkov at the session of the Counc
“We believe it would be a good idea not to focus on growth because it is impossible to take care of two systemic and mutually contradictory parts of the economic policy — inflation and growth. In our opinion it is necessary to focus on inflation for the sake of balancing the state of affairs in the economy in 2015,” said Nikolai Snopkov.
In his words, next year inflation in Belarus is supposed to be 12 per cent at most (December 2015 against December 2014). A rather hardline monetary policy will be required to make that happen.
Snopkov also remarked that plans had been made to increase the share of the general public's reimbursement for utilities next year. By the end of 2015 the government intends to secure 100 per cent reimbursement of the costs, in particular, electricity supply, gas supply for cooking, and water supply. “We believe and our colleagues support us that the transition to a universal system of diversified rates depending on service consumption standards is optimal in our conditions,” said Nikolai Snopkov.
“Taking into account these conditions the growth rate of the Belarus economy will be roughly 2.6 per cent in 2015. The growth of fixed-capital investments will be 1 per cent,” said Nikolai Snopkov. Export will remain the key factor of economy growth, BelTA informs.
Let us note that even with the inflation rate at 12 per cent Belarus is leading in depreciation of the national currency in Europe. Thus, in 2013 inflation in Belarus was at the rate of 15 per cent, which is 7 times more than the average in Europe.
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