New system of price regulation in Belarus explained

The press service of the Belarusian government has commented on the new system of price regulation that was introduced by the resolution of the Council of Ministers, BelTA informs.

“In accordance with the resolution, price regulation will apply to all consumer goods, both domestic and imported ones,” the press service stressed.

Manufacturers will need to get approval for the increase in selling prices from government bodies, regional executive committees and the Minsk City Council. There will be markup caps for importers and retailers regardless of the number of intermediaries involved. Prices for the remains of consumer goods must be brought into line with the resolution within five working days.

Barter transactions will also be restricted. Such transactions will be subject to approval by government agencies.

In addition, the payment of bonuses and other rewards for the promotion of domestic goods in trade will not be allowed.

Respective government agencies have been granted additional powers to monitor compliance with the legislation on prices and pricing.

As reported, Belarusian President Aleksandr Lukashenko signed Directive No. 10 “On banning price rises” following a government meeting. The document was adopted in order to immediately and effectively respond to the situation in the consumer market. In addition, a high-level working group was put together to develop a new mechanism to improve price regulation.