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Yesterday Belarus devalued its currency by 36% against usd to halt a run on its ruble.
Now...to beat a 1 July tax increase, Belarusians are hurrying to buy cars in nearby Baltic nations...further starving their country of foreign currency...and giving the Baltics an economic boomlet.
“People are throwing money into any car they can buy ahead of the tariff increase,” said one vehicle hauler at the Medininkai border checkpoint. “We are buying everything, from good cars to clunkers.”
Belarus will unify its tariffs for vehicle imports on 1 July with Russia, Kazakhstan and others...increasing the tax rate up as much as eightfold...and adding at least $3,000 to a car’s cost.
