Estonia: local bank account for e-residents starting business not to be required

Estonia’s Ministry of Justice has introduced a bill to amend the Commercial Code to resolve an issue that has in practice inhibited foreign investors from investing in Estonian private limited companies. Currently, e-residents have either founded or are shareholders in approximately 5,600 businesses registered in Estonia. So few e-residents have registered new businesses thus far…

Lithuania: minimum wage to increase

A proposal to increase the minimum wage by 20 euros, to 420 euros next year has reached Lithuania’s Tripartite Council, which is set to make the decision later. The proposal was submitted by Gediminas Simkus, head of the Bank of Lithuania’s Economics and Financial Stability Service. Arturas Cerniauskas, chairman of the Council, representing employees, said…

Ukraine: Aslund hailing economic growth

Atlantic Council analyst Anders Aslund has welcomed data on economic growth in Ukraine published by the State Statistics Service of Ukraine on May 15, according to the Ukrainian service of the Voice of America. “Ukraine: finally some good economic news. Gross domestic product rose a preliminary 3.1% YoY in Q1 after growing only 2.2% in…

Belarus: gold and forex reserves up in April 2018

Belarus’ gold and foreign exchange reserves exceeded $7 billion as of May 1, the Information and PR Department of the National Bank of the Republic of Belarus (NBRB) reported. According to the preliminary data, Belarus’ gold and foreign exchange reserves, if calculated in accordance with methods of the International Monetary Fund, totaled $7.038 billion (in…

Latvia: economic growth to continue

Latvia’s economy will grow more slowly than it did in Q1. Growth will likely reach at least 4%, predicts Luminor Bank economist Peteris Strautins. SEB Bank’s macroeconomic expert Dainis Gaspuitis is more reluctant in his outlook. He expects economic growth rate to be 3.7%, considering global cycles and negative trends in certain sectors. Swebank senior…

Ukraine: public debt up in Q1 2018

The volume of public and government-guaranteed debt of Ukraine in the first quarter of 2018 increased by $1.06 billion in dollar terms, or by 1.4%, to $77.37 billion as of March 31. In hryvnia equivalent, public debt over the said period decreased by UAH 88.09 billion, or by 4.1%, to UAH 2.054 trillion, according to…

Ukraine: exports showing upward trend

Ukraine in January-February saw its major export flows directed toward the European Union member states, Singapore, Belarus, Turkey, Moldova and Iraq, according to Prime Minister of Ukraine Volodymyr Groysman. “Exports grew the most to the EU, that’s by 36.2%, totaling EUR 3.3 billion. Sales of Ukrainian products to Singapore, Belarus, Turkey, Moldova and Iraq increased…

Ukraine: 40% of economy in shadow

Ukrainian Social Policy Minister Andriy Reva says 40% of Ukraine’s economy remains in the shadow, therefore the developed countries’ standards of solving economic problems cannot be effective in Ukraine, while de-shadowing will bring more money to the wage fund than the actual economic growth. “This was proved by the government in 2017. The entire wage…

Ukraine: local budgets up in two years

Incomes of local budgets have grown almost 4-foldover the past two years, Prime Minister of Ukraine Volodymyr Groysman said during a meeting with representatives of regional media. “When we started to work, the local budgets amounted to UAH 64 billion and did not have own revenues. Now they amount to UAH 231 billion, which is…