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May 16 – May 22, 2011

Real wages shrink

The situation has not changed
Real wages shrink

The average wage in the country fell down, even calculated by the official rate of the National Bank of Belarus. Nominal wages in the Belarusian rubles in March did not reach the level of December 2010 (1537.2 thousand rubles vs 1595.9 thousand rubles).

Comment

Significant reduction of the living standards will be an additional factor in the growth of social tension and downgrading of the current government. To the moment wages fell by 40% in dollar terms. Depending on the devaluation rate, by the end of the year salaries calculated in U.S. Dollars may be reduced by 3 times.

For instance, please see the table at http://news.tut.by/economics/227586.html

Average wages in March 2011 “calculated at different exchange rates

US Dollar exchange rate Br 1,537,200

3045 * 505 dollars.
3130 ** 491 dollars.
4000 384 dollars.
4500 342 dollars.
5000 307 dollars.
5500 279 dollars.
6000 256 dollars.
6500 236 dollars.
7000 219 dollars.
10000 153 USD.

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