Finance and trade in belarus

The National Bank of Belarus and an increasing number of private banks—the majority of which are either joint-stock or limited-liability companies—have replaced Belarus’ former Soviet-style banking system in a two-tiered structure since becoming independent. In 1992, the nation launched the Belarusian rubel as its official currency. In that same year, a securities market and stock exchange were also founded.


The republic was a net exporter for a large portion of the Soviet era, doing the majority of its trade with other Soviet republics, namely Russia and Ukraine. However, when the cost of previously cheap raw materials and energy from Soviet sources increased to match prices on the global market, independent Belarus turned into a net importer. Although commerce with China, Germany, Poland, and other EU nations increased in the early 21st century, Russia and Ukraine remained the republic’s main commercial partners

.The main exports include refined petroleum, equipment, vehicles, tractors, metals, potassium chloride, and food. The main imports are raw petroleum, equipment, natural gas, rolled metal, chemicals, and food.


Service Sector

About two-fifths of GDP is made up of the service sector, which also employs the majority of people. The banking, communications, and real estate sectors saw some of the highest rates of growth in the early twenty-first century. Despite Belarus having a less developed tourism sector than its neighbors, the country’s earnings from tourism activities expanded significantly in the first decade of the twenty-first century.

Homestays on farmsteads have gained popularity, and the Belovezhskaya Forest is one of the most popular tourist sites. The 19th-century Brest fortification, often known as the Hero fortification because of the valiant resistance put up there by Soviet troops against Nazi invaders in 1941, is another popular tourist destination.


Taxation and labor

The majority of Belarusians who work are employed in the service industry, mining, or manufacturing. Women hold important positions in the education, health care, communications, industrial, and agricultural sectors, where Belarus has one of the highest percentages of female workers worldwide. In Belarus, the majority of workers belong to a union.

 There are several unions, and the most of them are under the direction of the Federation of Trade Unions of Belarus.Early in the twenty-first century, Belarus’ taxation system was streamlined to more closely resemble that of Europe. Income taxes, social security taxes, and property taxes are all types of taxes that apply to individuals. Corporate income tax, social security tax, value-added tax, ecological taxes (for the use of natural resources), and property taxes are all taxes that apply to corporations.


Communications and transportation

The majority of Belarus’ interregional railways, which run east-west between Berlin and Moscow, north-south between St. Petersburg and Kyiv, Ukraine, and northwest-southeast between the Baltic States and Ukraine, are the country’s main railways. The primary road in the nation runs from Minsk and the Russian border in the east to Minsk and the city of Brest in the west. Between the capital and all regional centers, there are also adequate road connections. All around the nation, buses run.

A comprehensive public transit network, which includes buses, streetcars, and an underground railway known as the Minsk Metro, serves the city of Minsk. Additionally, Minsk has decent aviation links. The 25 miles (40 km) east of the city is where Minsk National Airport, commonly known as Minsk-2, is situated. It opened in 1982 and started offering international service in 1989. Within the city is a domestic airport for smaller aircraft that services Moscow and the Belarusian provinces.

Fixed-line telephone service is only offered by Belarus’s solely-owned telecoms operator. However, the use of mobile phones is significantly greater. Despite being privately held, mobile phone providers in Belarus are regulated by the government. Additionally, opposition organizations claim that the government has occasionally listened in on or interfered with people’s cell phone conversations, and that on occasion, officials have seized the mobile devices of Belarusians suspected of engaging in illegal or anti-government activities. The government also keeps an eye on and controls Internet use, which grew steadily in the early years of the twenty-first century.


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