Alexander Lukashenko banned customer costs in Belarus, leading to “exorbitant” inflation, according to state media. The move comes after an “outrageous” year-on-year increase in customer costs of 18%.
Belarus President Alexander Lukashenko announced on Thursday a ban on increases in customer value due to runaway inflationary pressures, according to the state media report. Consumer values in Belarus have increased by 18% until 2021.
“As of today, it is forbidden to accumulate values. It starts today, not from tomorrow, but from today, so values cannot be inflated today.
– President of Belarus, Alexander Lukashenko
The move comes as Lukashenko aims to reduce inflation levels to 7-8% by 2023, he said. shortage of eggs in recent days. “
The West has imposed countless sanctions on Belarus for supporting Russia’s invasion of Ukraine and for a fierce crackdown after the 2020 elections. Belarus allowed Russian army troops to use its territory to invade Kyiv in February, leading to unprecedented sanctions across the United States and the West. countries opposed to Moscow.
Lukashenko said inflation in Belarus was 13% between January and September and could rise to 19% by the end of 2022 if no action is taken. He also ordered the country’s central bank to draw up new anti-inflation measures.
Belarus’ ban on customer value increases underscores the degree of government intervention in a centralized system. For this reason, decentralization seeks to reduce the strength of governments over key functionality indicators (KPIs) and the data chain.
Exorbitant customer costs continue to weigh on global economies, some of which are likely to face a recession. Inflation hit record levels earlier this year when the world returned to normal after the coronavirus pandemic.
Such a sharp rise in inflation levels has led to a competitive reaction from global central banks, with the Federal Reserve implementing three consecutive interest rate hikes of 75 basis points. Usa. US inflation 8. 3% in September, down from 8. 5% and 9. 1% in August and July, respectively.
These macroeconomic situations have affected capital markets, stocks, and cryptocurrencies as investors move away from risky assets. As a result, Bitcoin and Ethereum have fallen by 50% in the last six months.
This article was originally published in The Tokenist
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