With more money in their pockets, a Belarusian middle class is emerging which is in turn driving strong growth in retail.
According to the first assessment, the country's GDP in money terms totalled BNY111bn in January-November.
Russia has refused to discuss with a high-level delegation from Minsk possible ways of compensating Belarus for its multi-billion losses from the so-called 'tax manoeuvre' in the Russian oil sector that will effectively cut energy subsidies to Belaru
The foreign exchange reserves of Belarus increased by $3326mn, or 4.7% month-on-month, to $7.440bn in November following a 2.6% m/m increase in October, the National Bank of Belarus (NBB) said in a statement on December 7.
For a few years now, foreign banks have been constantly losing market share in many of the larger Central-, Southeastern and Eastern European markets, but there is a shift in the game as state banks are proudly increasing their share in many markets
In such an event, oil refining activity would be reduced, dampening export revenue and growth, according to the multinational lender.