Belarus introduces sweeping financial and utility reforms on June 1
Several financial and utility changes will take effect in Belarus from June 1, 2023. The updates include new banking rules, adjusted tariffs for heating and electricity, and a revised refinancing rate. Residents will also see a new banknote in circulation.
The National Bank of Belarus has announced a reduction in the refinancing rate, dropping from 9.75% to 9.25% per annum. This adjustment comes alongside a decrease in standard risk assessment values (SRAV) for June 2023.
A new 200-ruble banknote will enter circulation on the same date. Meanwhile, Belarusbank will impose stricter limits on the number of cards an individual can hold. The bank will also clarify rules around suspending card transactions. From June 1, subsidised heating and hot water tariffs will rise by 7.3%. The new heating rate will be set at 29.2224 rubles per gigacalorie (Gcal). Electricity tariffs for residential heating will also increase. Belgazprombank has confirmed that yuan-denominated transfers within Belarus will become free of charge. Additionally, funeral assistance payments will decrease to 2,952.9 rubles.
The changes will affect both financial services and household expenses across Belarus. Residents will face higher heating and electricity costs, while banking operations will see new regulations. The introduction of a 200-ruble note and free yuan transfers adds further adjustments to daily transactions.
