Belarus working on additional measures to curb prices

Belarus is working on additional measures to keep prices in check, Belarusian Antimonopoly Regulation and Trade Minister Aleksei Bogdanov said at the 15th international conference “Economic Growth of the Republic of Belarus: Globalization, Innovation, Sustainability” hosted by Belarusian State Economic University, BelTA has learned.

Aleksei Bogdanov noted that since the beginning of last year, an updated anti-inflation program for 2021-2023 has been in effect. The medium-term measures stipulated by the program are expected to slow down inflationary processes in the long term. This program includes monetary and price policy measures, stimulation of competition and a number of other organizational measures and activities.

According to the minister, the anti-inflationary program is designed to maintain price stability and keep inflation low in the medium term by improving the coordination between the government and the National Bank, curbing inflationary processes, minimizing the impact of the main inflationary factors, and eliminating structural price imbalances.

“However, these are medium-term measures, though it is necessary to act now. Therefore, the Antimonopoly Regulation and Trade Ministry, together with other government agencies, is working on measures to keep prices in check this year. These measures are developed in addition to the anti-inflation program. They are aimed at reducing the negative impact of external factors by keeping as many raw materials as possible in the domestic market and by increasing the supply of consumer goods, and, on the other hand, by maximizing support for economic entities, including by streamlining administrative procedures,” Aleksei Bogdanov said.

The 15th international conference “Economic Growth of the Republic of Belarus: Globalization, Innovation, Sustainability” is held on 19-20 May and is timed to the anniversary of the university (Belarusian State Economic University will turn 89 this year). The participants of the conference discuss ways to adapt the Belarusian economy to new geopolitical challenges, development strategies amidst high uncertainty, international trade, economic and technological cooperation. The main goal of the conference is to exchange best practices and knowledge between scientists, government officials and executives.