Belarus to earn$1.1bn from oil export duties in 2016

Belarus’ state budget expects to receive about $1.1 billion from export customs duties on oil products in 2016, BelTA learned from Belarusian Finance Minister Vladimir Amarin on 9 November.

The state budget bill for 2016 has been put together with a surplus to be secured by export customs duties on oil products. “Provided oil costs $50 per barrel, we expect the duties to bring about $1.1 billion. They will fully be used to repay the external state debt,” said the Minister. The same price for oil is taken into account by the draft social and economic development forecast. The next year’s expected exchange rate of the Russian ruble against the U.S. dollar is as close as possible to the expectations of the Russian colleagues— RUB63 per USD1.

Vladimir Amarin remarked that the state budget bill for 2016 remains socially oriented. It has been put together without taking into account plans for the Belarusian ruble redenomination. “We will have to convert the figures in the middle of the year to allow for the redenomination but these are technical matters. Moreover, there is plenty of time to make preparations,” stressed the Minister.