Belarusian gold, forex reserves to grow by $5 bln in 2012 - PM
MINSK. Nov 8 (Interfax) - Belarusian gold and foreign currency reserves should total the equivalent of 3 months of imports in 2012, which would mean growth of at least $5 billion in the year, Prime Minister Mikhail Myasnikovich said at a Council of Ministers meeting in Minsk Tuesday.
The National Bank of Belarus monetary-financing policy draft for 2012 envisages gold and forex reserve growth by IMF standards of $1.6 billion to $3.1 billion.
This will mainly be achieved with privatization proceeds, he said.
Another important task for next year, he said, is ensuring a trade surplus as a basis fore stabilizing the country's currency market. "This is a fundamental task," he said.
Rational internal consumption is important, the prime minister said, as is exporting more than the country imports.
Furthermore, Myasnikovich continued, another goal for year is a balanced budget. Companies own money, privatization revenues, and foreign direct investment will be sources for development, he said.
Real personal incomes next year should be no lower than in 2011, Myasnikovich said. "There are every grounds for work wages, pensions, and social benefits to grow at more rapid rates, there will be more jobs available than demand for them among the population," he said.
He also announced a proposed package of measures to stimulate investment and innovation that will "additionally allow enterprises in 2011 conditions to get two trillion Belarusian rubles for their development," he said. One proposal is lowering the profit tax from 24% to 18%, he said. Additional funds will come from "sped up amortization, the transfer of losses to the subsequent period, the reduction of taxes on small and midsized businesses, and also other strong stimuli right up to zero rates on a number of taxes on innovation activity," he said.
The National Bank of Belarus said a condition of the anticipated growth was the raising of $3.7 billion in foreign direct investment, including $2.5 billion from privatization. Gold and forex reserves will also grow if there is a foreign trade surplus of at least 3.5% of GDP.
Gold and forex reserves by IMF standards stood at $4.7 billion on October 1 2011.
The official exchange rate for November 8: 8750 Bel. rubles/$1.