June 5, 2023

In the foreseeable future, the Belarusian authorities are not going to abolish price regulation in the country, said Ivan Vezhnovets, First Deputy of the Belarusian Ministry of Antimonopoly Regulation and Trade.

“We have repeatedly pointed out that we consider the resolution as a long-term price regulation mechanism, which we do not plan to cancel in the near future,” Belta quoted the high-ranking Belarusian official as saying.

At the same time, an expert working group has been formed in the department, which will study alternative options for changing price regulation, which would allow businesses to respond more quickly to changes in market conditions, and would also guarantee the saturation of the consumer market with Belarusian-made goods.

Vezhnovets added that the ministry has been working with the global price regulation introduced by the country’s government for a long time.

“With business representatives, we discussed pressing issues, positive and negative aspects of price regulation in order to improve or change it in the future,” Vezhnovets said.

October 6, 2022 against the backdrop of growth prices in the country, Belarusian leader Alexander Lukashenko ordered a ban on their increase until a system of price regulation is created. On October 19, the Belarusian Cabinet of Ministers signed Resolution No. 713 on a new price regulation system. The rule affected both Belarusian and imported goods. In the country also launched large-scale price monitoring, dozens of criminal cases were initiated for violations that caused unreasonable price increases. Subsequently, the document was amended.

The head of the Republican Cabinet, Roman Golovchenko, later spoke out that the country’s authorities would not abandon the system of state price regulation, but its modernization was possible. The measure made it possible to reduce the inflation rate in Belarus, which reached 12.8% in 2022, but it was still higher than the 6% planned by the authorities.

In February, the country’s First Deputy Prime Minister Nikolai Snopkov suggested that business, together with the authorities, create a fair pricing mechanism. Annual inflation in Belarus fell to 6% in March against 11.7% in February. In 2023, inflation is expected at the level of 7-8% in the country, if there are no new shocks for the economy, Pavel Kallaur, head of the National Bank, said in April.

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