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31 October 2022, 14:56

Belarusian private sector adapting to new price controls

MINSK, 31 October (BelTA) – Large businesses, manufacturers, and retailers have already adapted to new price regulation rules and keep working in accordance with them. Smaller businesses are slower at coming to understand the situation. Prime Minister of Belarus Roman Golovchenko made the statement after delivering a report to Belarus President Aleksandr Lukashenko, BelTA has learned.

According to Roman Golovchenko, the private sector, manufacturers, and retailers needed some time in order to understand the changes and rework their routines. “Initially it was a certain shock, worries about what needs to be done and how. Those are normal emotional reactions,” he remarked. In his words, the government monitors the situation, including in the regions. “We see that major commercial entities (manufacturing, retail) over there are already fully adapted and have adjusted their routines to the new rules. Smaller businesses are taking it more slowly,” the prime minister said. He attributed it to the novelty of the new price controls for everyone. Many are having a hard time understanding that they will no longer be able to add 100-200% price margins to their prices. “The real sector of the economy, including private manufacturers, lives with profit margins as low as 7-10% and believes those are normal. 15% brings them happiness, they say. I think that entrepreneurs, retailers, and manufacturers will work hard to reduce costs. It is a very important component of the prime cost and respectively the end prices,” Roman Golovchenko stressed.

“I think we will accomplish the transition promptly and confidently,” Roman Golovchenko added.

At the same time the official pointed out that the government's decisions are not a dogma and may be adjusted: “The new controls are in place and we are going to learn how to live with them. I think it was a forced step on one hand and a correct step on the other hand.”

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