from 21.12.2023

Nikolai Snopkov: Belarus' future price regulation system to have as little price authorization as possible

The future price regulation system in Belarus will try to minimize the need to get prices authorized as much as possible, it was learned from First Deputy Prime Minister of Belarus Nikolai Snopkov after the Government conference hosted by Belarus President Aleksandr Lukashenko to discuss ways to improve the price regulation and oversight system.

Nikolai Snopkov explained that the president wanted to create a price regulation system from the very start: “It was truly difficult to implement even from the point of view of the methods. But the initial requirement was for us to have a system in place. Economic laws cannot be ignored out of fear of consequences.”

“This is why a system will be built that will involve the need to get prices approved by anyone else as little as possible. A percentage threshold will be established. Within this limit any enterprise will be free to set prices for the home consumer market. It will not affect intermediate goods, investment goods. And it will definitely not apply to exports. You can export goods at any price you like and use the price to compensate for profits lost on the home market. As a matter of principle, we are ready for such a system and it will be realized as from 1 January as the president instructed,” the official said.

Nikolai Snopkov emphasized that profits lost on the home market are not entirely the right term: “The domestic market is sacred. Earnings of Belarus citizens and citizens of the countries that buy our products vary. There are all kinds of social burdens. This is why on the home market goods need to sell at fair prices, which are set in accordance with [the Council of Ministers' resolution No.] 713 and in accordance with the updated system, which will come into effect as from 2024. Keeping the domestic market well supplied is simply a sacred duty.”

Asked whether restrictions on price markups for retail chains will remain in place, Nikolai Snopkov said: “Of course. There is no other option. Experience and practice of 2023 indicate that we've struck a balance between fair pricing for retail chains and keeping the retail chains in the black.”

The First Dиeputy Prime Minister remarked that there are some things that could be improved and the Government sees them. “The main task is to correct errors. Correct errors in time and not be afraid of them. It is what economy is all about. It is what life is all about,” Nikolai Snopkov said.

On the whole, he described Belarus economy performance in 2023 as good. He attributed the accomplishment to rather active efforts to raise wages and pensions this year, efforts to stimulate consumer loans and real estate loans.

Nikolai Snopkov also drew attention to the common sense and rational behavior Belarusian citizens have demonstrated on the market this year. “It is related both to consumption and savings. It clearly emphasizes the trust Belarusians have in the current economic policy and their trust in the authorities. And we hope that we will not fail them in the future, too,” the First Deputy Prime Minister said.

Photo: BelTA

Council of Ministers of the Republic of Belarus