Resolution of the Board of the National Bank of the Republic of Belarus

(Unofficial translation)

 

Resolution of the Board of the National Bank of the Republic of Belarus

No. 72 of April 30, 2004

[Amended as of December 19, 2018]

 

On Approval of Rules of Conducting Currency Operations

 

On the basis of articles 26, 33, 277 of the Banking Code of the Republic of Belarus, article 21 of the Law of the Republic of Belarus of July 22, 2003 “On Currency Regulations and Currency Control” the Board of the National Bank of the Republic of Belarus has decided:

1. To approve the annexed Rules of Conducting the currency operations.

2. To establish that the accounts of the non-residents of the type "I" (investment), which have been opened at the banks of the Republic of Belarus prior to the entry into force of this Resolution, function till the full depletion of monetary funds in the following regime:

credit operations are not performed;

debit operations are performed in the order established for current (settlement) account of the type "T".

21. [Excluded]

3. [Excluded]

4. [Not given]

5. This Resolution enters into force from July 1, 2004.

 

Chairperson of the Board                                                                                                                                                        P.P. Prokopovich

 

Annex to the Resolution

of the Board on the National Bank

of the Republic of Belarus

No. 72 of April 30, 2004

 

Rules of Conducting the Currency Operations

 

CHAPTER 1
MAIN TERMS AND DEFINITIONS

 

1. The terms applied in these Rules are used in the notions mentioned in article 1 of the Law of the Republic of Belarus of July 22, 2003 “On Currency Regulations and Currency Control”.

2. Applicably to these Rules the terms and notions are used in the following meaning:

banks — banks and non-bank credit and financial organizations being such in accordance with the legislation of the Republic of Belarus, their affiliates as well as the National Bank of the Republic of Belarus (hereinafter – the National Bank) including its structural subdivisions;

banks – non-residents — banks and non-bank credit and financial organizations created in accordance with the legislation of a foreign state with the location outside the Republic of Belarus;

currency-operation entities — legal persons created in accordance with the legislation of the Republic of Belarus with the location in the Republic of Belarus; foreign affiliates and representative offices of legal persons located in the Republic of Belarus and created in accordance with the legislation of the Republic of Belarus; diplomatic and other official missions, consular establishments of the Republic of Belarus being abroad; the Republic of Belarus and its administrative units participating in the relations regulated by the currency legislation of the Republic of Belarus; legal persons created in accordance with legislation of foreign states with the location abroad; Belarusian and foreign affiliates and representative offices of legal persons created in accordance with legislation of foreign states and located abroad; organizations not being legal persons created in accordance with the legislation of foreign states and located abroad; Belarusian and foreign affiliates and representative offices of the organizations not being legal persons and created in accordance with the legislation of foreign states with the place of location abroad; diplomatic and other official missions, consular establishments of foreign states being in the Republic of Belarus and abroad; international organizations, their affiliates and representative offices; foreign states and their administrative units participating in the relations regulated by the currency legislation of the Republic of Belarus;

currency — Belarusian rubles and foreign currency;

settlements — the fulfillment of monetary obligation by paying cash or in the cashless form.

For the purposes of using foreign currency when conducting currency operations with participation of natural persons, provided by Chapter 6 of these Rules, currency operations being carried out in the territory of the Republic of Belarus are understood currency operations that stipulate settlements on which:

transfer of cash monetary means is carried out in the territory of the Republic of Belarus;

crediting monetary means received in the territory of the Republic of Belarus is carried out to accounts opened in banks;

remittance of monetary means is carried out from accounts to accounts opened in banks.

Currency operations being carried out outside the Republic of Belarus are understood all other currency operations not referred to the currency operations being carried out in the territory of the Republic of Belarus.

In case of disputability of the place of transfer of cash monetary means, it is deemed that the place of transfer is the territory of the Republic of Belarus.

21. [Excluded]

CHAPTER 2
BASIC RULES OF CONDUCTING CURRENCY OPERATIONS

3. Currency operations are carried out by the residents and non-residents in accordance with the requirements of legislation of the Republic of Belarus on the basis of concluded contracts or on other grounds provided by legislation of the Republic of Belarus or legislation of foreign states.

4. Individual entrepreneurs, notaries carrying out notary activity in notarial offices, advocates carrying out advocatory activity individually, – residents shall conduct the currency operations in order established for the currency-operation entities – residents except for the currency operations for which the legislation of the Republic of Belarus provides a special order.

5. Individual entrepreneurs – non-residents shall conduct currency operations in the order established for the currency-operation entities-non-residents, unless otherwise established by legislation of the Republic of Belarus.

6. Residents and non-residents shall perform currency-exchange operations in the territory of the Republic of Belarus through banks in accordance with the requirements of legal acts of the National Bank.

7. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, the change of currency of obligation is allowed while carrying out the currency operations between a resident and a non-resident on export or import in the following cases:

when changing the monetary obligations of the resident expressed in foreign currency into the monetary obligations expressed in Belarusian rubles;

when changing the monetary obligations of the resident expressed in Belarusian rubles into the monetary obligations expressed in foreign currency;

when changing the monetary obligations of a non-resident expressed in foreign currency into monetary obligations expressed in Belarusian rubles;

when changing the monetary obligations of the non-resident expressed in Belarusian rubles into the monetary obligations expressed in foreign currency.

8. Unless otherwise determined by the acts of the currency legislation of the Republic of Belarus, while carrying out the currency operations (except for the import-export currency operations) between the resident (except for the bank in regard to the bank operation) and non-resident:

8.1. the change of the currency of obligation is allowed:

when changing the monetary obligations of the resident expressed in foreign currency into monetary obligations expressed in Belarusian rubles;

when changing the monetary obligations of the non-resident expressed in Belarusian rubles into monetary obligations expressed in foreign currency;

8.2. the change of currency of obligation is not allowed:

if the monetary obligations of the resident expressed in Belarusian rubles are changed into the monetary obligations expressed in foreign currency;

if the monetary obligations of the non-resident expressed in foreign currency are changed into the monetary obligations expressed in Belarusian rubles.

9. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, while carrying out the currency operations, being the bank operations, between a bank and non-resident the change of the currency of obligation is allowed in the following cases:

when changing the monetary obligations of the bank expressed in foreign currency into monetary obligations expressed in Belarusian rubles;

when changing the monetary obligations of the bank expressed in Belarusian rubles into monetary obligations expressed in foreign currency;

when changing the monetary obligations of the non-resident expressed in foreign currency into the monetary obligations expressed in Belarusian rubles;

when changing the monetary obligations of the non-resident expressed in Belarusian rubles into the monetary obligations expressed in the foreign currency.

10. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, while carrying out the currency operations being the bank operations between the bank and the resident the change of the currency is allowed in the following cases:

when changing the monetary obligations of the bank expressed in foreign currency into monetary obligations expressed in Belarusian rubles;

when changing the monetary obligations of the resident expressed in foreign currency into the monetary obligations expressed in Belarusian rubles.

11. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, while carrying out the currency operations between the residents (except for the banks in regard to the bank operations) the change of the monetary obligations of the resident expressed in the foreign currency into the monetary obligations expressed in Belarusian rubles is allowed.

12. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, the change of monetary obligations of the resident expressed in Belarusian rubles into the monetary obligations expressed in foreign currency while carrying out the operations between the residents (except for the banks in regard to the bank operations) is allowed only in cases, when the legislation of the Republic of Belarus permits the use of the foreign currency between them.

13. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, while carrying out bank operations between the bank and the resident:

it is allowed to change the monetary obligations of the resident expressed in Belarusian rubles into the monetary obligations expressed in foreign currency;

it is not allowed to change the monetary obligations of the bank expressed in Belarusian rubles into the monetary obligations expressed in foreign currency.

131. Unless otherwise is stipulated by the acts of currency legislation of the Republic of Belarus, while carrying out the currency operations between residents, between residents and non-residents it is possible to change the money obligations expressed in one foreign currency to the money obligations expressed in other foreign currency.

132. [Excluded]

14. The bank's charging of remuneration (payment) from subjects of currency operations – residents, and also from natural persons when conducting banking and other operations shall be effectuated in Belarusian rubles, with the exception of cases provided by part two of this clause.

It is allowed that the bank charges, pays in foreign currency:

interest for using credit granted (received) in foreign currency;

interest on monetary means being on current (settlement) bank accounts (later on – current (settlement) account in foreign currency, in deposits in foreign currency;

remuneration (discount) on a letter of credit, guarantee (counter-guarantee), collection of payments, bank payment obligation, financing against monetary claim assignment (factoring), bill of exchange (promissory note), provided that the mentioned operations are being carried out in foreign currency;

remuneration (payment) on transfers in foreign currency in favour of non-residents.

CHAPTER 3
CONDUCTING CURRENT CURRENCY OPERATIONS AND CURRENCY OPERATIONS CONNECTED WITH THE CAPITAL FLOW

15. Current currency operations are carried out between the residents and non-residents without limitations.

16. Natural persons-residents carry out the currency operations connected with the capital flow:

on the ground of the permits of the National Bank – for the currency operations mentioned in article 10 of the Law of the Republic of Belarus “On Currency Regulation and Currency Control”;

without any permits of the National Bank – for other currency operations.

17. Currency-operation entities (except for banks) shall carry out currency operations connected with the capital flow:

in a registration order – currency operations specified in clause 18 of these Rules;

without a permit of the National Bank, observance of registration or notification order – currency operations specified in indents two–nine, eleven, twelve of part five of article 10 of the Law of the Republic of Belarus “On Currency Regulation and Currency Control”;

in the notification order – currency operations not specified in clause 18 of these Rules and also not specified in indents two–nine, eleven, twelve of part five of article 10 of the Law of the Republic of Belarus “On Currency Regulation and Currency Control”.

18. Currency-operation entities (except for banks) shall carry out in the registration order currency operations connected with the capital flow stipulating:

18.1. purchase of shares at their distribution among founders, stake in the statutory fund or stock in the property of a non-resident, as well as additional contribution to the statutory fund of a non-resident in the event of its increase;

18.2. purchase from a non-resident of securities issued by non-residents, except for the purchase of the shares at their distribution among the founders;

18.3. purchase in ownership of the property located outside the Republic of Belarus, that is referred to real estate by the legislation of the Republic of Belarus, including on the basis of contracts stipulating creation of shared construction objects, with the exception of movable property equated to immovable items in accordance with the legislative acts;

18.4. [excluded]

18.5. putting money into the banks-non-residents or transfer of monetary funds to non-residents (except for banks -- non-residents) on trust conditions;;

18.6. giving loans for the term;

18.7. settlements under obligations which have arisen at the currency-operation entity (except for a bank) being a surety, a guarantor before a non-resident on the ground of a suretyship (guarantee) contract concluded between them;

18.8. receipt of credits and/or loans:

interest rate for the credit and/or loan exceeds the following levels: while performing operations in US dollars, Euros – 14 percent per annum; while performing operations in other foreign currencies, Belarusian rubles – the rate of refinancing of the respective central (national) bank effective on the day of receipt of the credit and/or loan by the subject of currency operation – resident, increased by 5 percentage points;

interest rate for using credit and/or loan in the case of default on the credit and/or loan (in the amount of increase of the interest rate due to the failure to return the credit and/or loan), the amount of penalty (fine, penalty interest), combined, exceeds 0.01 percent for every day of delay (3.65 percent per annum). For the calculation of that level in the event when the amount of penalty (fine, penalty interest) is expressed in a fixed sum, it has to be recalculated in a percentage-point expression;

the contract between a currency-operation entity -- resident (except for a bank) and a non-resident (except for a bank – non-resident) stipulates, along with the interest rate of using credit and/or loan, a duty to perform other payments (except for payments for using the credit and/or loan in the case of the default in repayment of the credit and/or loan (in the amount of increase of the interest rate due to the failure to return the credit and/or loan), and the payments for paying the penalty (fine, interest penalty);

fulfillment of obligations on the repayment of the credit and/or loan is carried out not from the credit-holder’s account;

the creditor is registered in the state (in the territory) where there is a privileged taxation regime and/or no financial information may be submitted or disclosed (off-shore zones);

18.9. settlements with a bank – non-resident under a letter of credit according to the conditions of which the resident receives financing for a term exceeding 180 days, and the interest rate for using monetary means exceeds the level established by the Board of Directors of the National Bank;

18.10. settlements under a loan contract which stipulates the payment of interest rate exceeding the level established by the Board of Directors of the National Bank for a deferral and/or instalment of payment for goods shipment (work performance, services provision), transfer of protected information, exclusive rights to results of intellectual activity and/or for using received monetary funds, including settlements under a contract which stipulates export and/or import of goods (works, services), protected information, exclusive rights to results of intellectual activity, if the period between the date of receipt of monetary funds (payment) and the date of shipment (receipt) of goods (works performance, services provision), transfer of protected information, exclusive rights to results of intellectual activity, in which the said loan conditions are contained;

18.11. [excluded]

19. [Excluded]

20. [Excluded]

21. Banks shall carry out currency operations connected with the capital flow:

on the ground of the special permits (licenses) to carrying out banking activity issued by the National Bank – currency operations being the banking operations;

without a permit of the National Bank, observance of the registration or notification order – currency operations specified in indents two–nine, eleven, twelve of part five of article 10 of the Law of the Republic of Belarus “On Currency Regulation and Currency Control”;

in the notification order – other currency operations.

22. Banks carry out the following operations connected with the capital flow on the ground of a permit of the National Bank:

22.1. purchase of shares at their distribution among the founders as well as the share in statutory fund or the share in the property of non-residents;

22.2. transfers in favor of non-residents under the obligations on purchasing by the resident of property being abroad and referred by the legislation of the Republic of Belarus to the real estate;

22.3. [excluded]

CHAPTER 4

CURRENCY OPERATION BETWEEN CURRENCY-OPERATION ENTITIES – RESIDENTS AND CURRENCY-OPERATION ENTITIES – NON-RESIDENTS

23. Currency operations between a currency-operation entity – resident and a currency-operation entity – non-resident with the use of Belarusian rubles shall be carried out:

in a cashless form – when conducting all currency operations;

in cash, – when conducting currency operations subject to compliance with the amount of settlements in cash monetary means, determined by the legislation.

24. When conducting currency operations between a currency-operation entity – resident and a currency-operation entity – non-resident,  foreign currency shall be used the official rate of the Belarusian ruble toward which is established by the National Bank.

Currency operations between a currency-operation entity – resident and a currency-operation entity – non-resident with the use of foreign currency shall be carried out in a cashless form when conducting all currency operations.

Use of cash foreign currency between a currency-operation entity – resident and a currency-operation entity – non-resident is allowed in the cases established in Chapter 10 of these Rules.

CHAPTER 5

USE OF FOREIGN CURRENCY WHEN CONDUCTING CURRENCY OPERATIONS BETWEEN CURRENCY-OPERATION ENTITIES – RESIDENTS

25. When conducting the currency operations, the use of foreign currency between the currency-operation entities – residents is allowed in the following cases:

25.1. in settlements between the Ministry of Finance of the Republic of Belarus and foreign-currency entities – residents, including with participation of professional participants of securities market, on operations with state securities denominated in foreign currency upon their placement, redemption (premature redemption) and payment of income thereon;

25.2. in settlements between the National Bank and foreign-currency entities – residents, including with participation of professional participants of securities market, on operations with securities of the National Bank denominated in foreign currency upon their placement, redemption (premature redemption) and payment of income thereon;

25.3. in settlements being carried out between foreign-currency entities – residents under a contract of commission according to the conditions of which the commissioner carries out export for foreign currency;

25.4. in settlements being carried out between foreign-currency entities – residents within the framework of contracts connected with attraction of state loans and loans guaranteed by the Republic of Belarus and bodies of local government and self-government and with repayment and servicing of those loans, and also with redemption of payments being made from republican and local budgets on the mentioned loans;

25.5. when a bank and a currency-operation entity – resident, banks carry out operations with foreign currency, referred to banking operations, with the exception of:

sale of precious metals and/or precious stones;

use of foreign currency on a bank guarantee in the case if the primary monetary obligation between the principal and the beneficiary is expressed in Belarusian rubles;

use of foreign currency under a contract of financing against monetary claim assignment (factoring) in the case if the primary monetary obligation between the creditor and the debtor is expressed in Belarusian rubles;

25.6. when a currency-operation entity – resident remits foreign currency:

to a currency-operation entity – resident to which that foreign currency received from a non-resident under a currency operation of a non-trading nature is due;

to accounts of successors in relation to relation to the reorganization of a currency-operation entity – resident; 

25.7. in settlements under re-insurance contracts in the cases when under insurance (re-insurance) contracts that require, in accordance with legislation of the Republic of Belarus on insurance, their further transfer in re-insurance, settlements in foreign currency are allowed;

25.8. when conducting currency operations connected with:

remittance (return) of foreign currency in (from) deposit of a notary, court, enforcement body or criminal prosecution body if the use of foreign currency in relationships between the debtor and the creditor is provided by the legislation;

with pledge, seizure, arrest, confiscation, conversion of foreign currency in the income of state by other means;

with remittance (return) of foreign currency according to a decision of criminal prosecution body;

with remittance (return), recovery of foreign currency on the basis of execution documents  on unfulfilled monetary obligations of the payer expressed in foreign currency;

25.9. when conducting of operational search actions and pre-trial proceedings by state bodies and officials authorized in accordance with the legislative acts;

25.10. when returning foreign currency:

in cases of change or rescission of contracts;

erroneously and/or excessively remitted (transferred), collected;

under transactions being invalid in accordance with the legislation;

25.11. in settlements between foreign-currency entities – residents and diplomatic and other official missions, consular offices of the Republic of Belarus located outside the Republic of Belarus;

25.12.when conducting payments between the Ministry of Finance of the Republic of Belarus and the Fund of Social Protection of Population of the Ministry of Labour and Social Protection of the Republic of Belarus in accordance with the treaties (agreements) providing for the payments of pensions and allowances in foreign currency;

25.13. in settlements with transport and/or forwarding organizations for carriage and/or forwarding of freight to and from outside the Republic of Belarus, outside the Republic of Belarus and while in transit through the territory of the Republic of Belarus;

25.14. in other cases established by acts of the currency legislation.

26.  In cases when in the relations between currency-operation entities - residents it is allowed to use foreign currency, it may be used while paying the penalty fee (fine, penalty interest), interest for using someone else's monetary means or compensating the losses, if it is provided by the documents being grounds for conducting such settlements.

27. When conducting currency operations specified in clause 25 of these Rules between currency-operation entities – residents, foreign currency shall be used the official rate of the Belarusian ruble toward which is established by the National Bank.

CHAPTER 6
CURRENCY OPERATIONS WITH PARTICIPATION OF NATURAL PERSONS

28. Use of Belarusian rubles when conducting the currency operations is allowed:

28.1. on the territory of the Republic of Belarus in relations between a natural person-resident and natural persons-non-resident, between natural persons-residents, between a currency-operation entity and a natural person;

28.2. Abroad the Republic of Belarus in relations between a natural person-resident and natural person-non-resident and between the currency-operation entity and a natural person;

29. Use of foreign currency, securities and/or payment documents in foreign currency at conducting currency operations on the territory of the Republic of Belarus is allowed:

29.1. in relations between natural persons-residents – at conducting currency operations established by the Law of the Republic of Belarus “On Currency Regulations and Currency Control” as well as other cases established by the acts of currency legislation;

29.2. in relations between a natural person-resident and a natural person-non-resident, as well as between natural persons-non-residents – under currency operations providing giving out as a gift (including donations), abolishment of the gift, granting loans, return of the loans and interests, transfer for storage and their return, as well as other cases established by the acts of currency legislation.

29.3. in relations between a currency-operation entity and a natural person – under the currency operations mentioned in clause 31 of these Rules.

30. Use of foreign currency when conducting currency operations outside the Republic of Belarus is allowed in the following cases:

30.1. in relations between natural persons – residents and natural persons – non-residents, between natural persons – residents and currency-operation entities – non-residents, between natural persons – non-residents and currency-operation entities – residents — when conducting all currency operations;

30.2. in relations between natural persons – residents when conducting currency operations established by the Law of the Republic of Belarus “On currency regulation and currency control”;

30.3. in relations between natural persons – residents and currency-operation entities – residents:

when performing consular functions and charging fees and duties for conducting consular acts by diplomatic and other official missions, consular offices of the Republic of Belarus located outside the Republic of Belarus;

under contracts for the carriage of passengers and their baggage, as well as goods carried by a natural person – resident for personal, family, household and other needs in the territory of a foreign state;

when remuneration is paid to a natural person – resident for his fulfillment of labour duties in the territory of a foreign state, including monetary remunerations and allowances for special conditions of work (service), having regard to the requirements established by the legislation of the Republic of Belarus on labour;

for the use of rental housing being in the operative administration of organizations subordinate to the Administration of Affairs of the President of the Republic of Belarus and located outside the territory of the Republic of Belarus.

31. Use of foreign currency in relations between a currency-operation entity and a natural person in the territory of the Republic of Belarus is allowed in the following cases:

31.1. upon realization of goods in duty-free shops and on board of aircraft of Belarusian aviation organizations, and also upon realization of goods and rendering of services to natural persons in trains of the State Amalgamation “Belarusian Railway” performing international carriage of passengers;

31.2. when conducting, between a bank and a natural person, operations with foreign currency  referred to banking operations, with the exception of sale of precious metals and/or precious stones;

31.3. when conducting operational-search actions and pre-trial proceedings by state bodies and officials authorized in accordance with the legislative acts;

31.4. in settlements between the Ministry of Finance of the Republic of Belarus and natural persons, including with participation of professional participants of securities market, on operations with state securities denominated in foreign currency upon their placement, redemption (premature redemption) and payment of income thereon;

31.5. in settlements between the National Bank and natural persons, including with participation of professional participants of securities market, on operations with securities of the National Bank denominated in foreign currency upon their placement, redemption (premature redemption) and payment of income thereon;

31.6. when returning foreign currency:

in cases of change or rescission of contracts;

erroneously and/or excessively remitted (transferred), collected;

under transactions being invalid in accordance with the legislation;

31.7.  at collecting by the Ministry of Foreign Affairs of the Republic of Belarus (including cross points on the State border of the Republic of Belarus) of consular fees from natural persons – non-residents;

31.8. at acceptance of foreign currency by diplomatic and other official missions, consular offices of foreign states when fulfilling consular functions and collection of dues and duties for fulfillment of consular acts;

31.9. when conducting currency operations connected:

with remittance (return) of foreign currency in (from) deposit of a notary, court, enforcement body or criminal prosecution body if the use of foreign currency in relationships between the debtor and the creditor is provided by the legislation;

with pledge, seizure, arrest, confiscation, conversion of foreign currency in the income of state by other means;

with remittance (return) of foreign currency according to a decision of criminal prosecution body;

with remittance (return), recovery of foreign currency on the basis of execution documents  on unfulfilled monetary obligations of the payer expressed in foreign currency;

31.10. when carrying out currency operations of non-trade nature between currency-operation entities – non-residents and natural persons-residents, between currency-operation entities – residents and natural persons – non-residents, and also between currency-operation entities – residents and natural persons – residents, at payment to natural persons – residents of foreign currency received from non-residents under operations of non-trading nature;

31.11. at payment by currency-operation entities to natural persons of foreign currency for payment (reimbursement) of expenses connected with business trips (trips of individual entrepreneurs) outside the Republic of Belarus, payment of compensations for a mobile and travelling nature of the job, performance of work on a rotational basis, permanent work on the road, work outside the place of residence (field allowance) in the territory of a foreign state, as well as with return of an unspent advance payment in foreign currency issued in connection with a business trip (trips of individual entrepreneurs) outside the Republic of Belarus;

31.12. in other cases established by acts of the currency legislation.

311. In cases when in the relations between a currency-operation entity and a natural person, it is allowed to use foreign currency, it may be used while paying the penalty fee (fine, penalty interest), interest for using someone else's monetary means or compensating the losses, if it is provided by the documents being grounds for conducting such settlements.

32. In the territory of the Republic of Belarus for purposes of collecting between natural persons, it is allowed to exchange or purchase, sale for Belarusian rubles of foreign currency in the form of coins, as well as single banknotes (differing from each other by currency and denomination) in foreign currencies, in relation to which the official rate of the Belarusian ruble by the National Bank is not installed on a daily basis.

321. When conducting currency operations specified in clauses 29-31 of these Rules with participation of natural persons, foreign currency shall be used the official rate of the Belarusian ruble toward which is established by the National Bank.

 

CHAPTER 7
OPERATIONS UNDER THE BANK ACCOUNTS OF NATURAL PERSONS IN FOREIGN CURRENCY

33. A natural person – resident opens in a bank in foreign currency:

current (settlement) accounts;

accounts for deposit recordkeeping;

other accounts established by the legislation of the Republic of Belarus.

34. If legislation of the Republic of Belarus does not provide otherwise, a natural persons-non-residents open accounts in banks in foreign currency and Belarusian rubles and make operations under them in order established by natural persons-residents.

35. Under a current (settlement) account and account for deposit recordkeeping of a natural person in foreign currency the following operations may be carried out:

putting and taking off the foreign currency from the account in order established by legislation of the Republic of Belarus;

carrying out transfers under the accounts in foreign currency;

transfers to natural persons abroad and from abroad not connected with settlements under the currency operations;

settlements under currency operations of the natural person with the resident or non-resident in cases, when acts of currency legislation allow using the foreign currency between them.

351. [Excluded]

36. Foreign currency being on the accounts and deposits of natural persons is returned when claimed within the rest of the assets on the account in order provided by relevant contract with the bank or on other grounds established by legislation.

CHAPTER 8
OPENING THE ACCOUNTS OF RESIDENTS IN THE BANKS-NON-RESIDENTS

37. Natural persons – residents open accounts in foreign currency and Belarusian rubles in non-resident banks without the permit of the National Bank.

38. [Excluded]

39. Currency-operation entities-residents (except for the banks) may open accounts in foreign currency and in Belarusian rubles in the banks-non-residents:

without permit of the National Bank;

with notification;

based on the permit of the National Bank.

40. Currency-operation entities – residents (with the exception of banks) open accounts in banks – non-residents for recordkeeping of indebtedness on credit transactions and accounts of diplomatic and other official missions of the Republic of Belarus, consular offices of the Republic of Belarus without a permit of the National Bank.

Currency-operation entities – residents (with the exception of banks) open accounts of their representative offices in banks – non-residents (later on – accounts of the representative office) in the notification order.

Currency-operation entities-residents (excluding banks) based on the permit of the National Bank open in banks-non-resident other accounts except for the accounts opened without a permit or with the notification.

401. Currency-operation entities-residents (except for banks) carry out the following operations under the accounts of their representative offices:

putting into the account the monetary means transferred from the account of a currency-operation entity – resident opened in the Belarusian bank or from the account in the bank – non-resident opened there based on the permit of the National Bank in accordance with the expenses calculation for maintaining the representative office;

transfer of money from the account of the representative office to conduct maintenance operations and fulfilling the functions directly connected with its activity including payment to the in the territory of which the representative office operates, of taxes, duties, dues and other obligatory payments as well as for the services of the bank-non-resident where the account is opened.

Account of the representative office may not be used to conduct operations connected with business, investment activity as well as operations on purchasing the rights to real estate except for the rights arising from the lease contract for the purposes of the representative office.

Operations under the account of the representative office not mentioned in these clause are prohibited.

In case the account of the representative office is closed the currency operations entity-resident (except for the banks) shall transfer the balance of the money to its account in the bank.

41. Banks open accounts in banks – non-residents without a permit of the National Bank.

411. Currency-operation entities -- residents carry out operations on an account opened in a bank-- non-resident on the ground of the National Bank in accordance with the account regime determined in the permit of the National Bank.

The sum of foreign currency on the account of a currency-operation entity – resident, opened in a bank – non-resident on the ground of a permit of the National Bank is subject to transfer to the Republic of Belarus within the terms established by the permit.

CHAPTER 9

OPERATIONS ON ACCOUNTS OF CURRENCY-OPERATION ENTITIES – NON-RESIDENTS IN BANKS

42. The following accounts are opened to a currency-operation entity – non-resident (except for a bank – non-resident) in a bank in foreign currency, Belarusian rubles:

current (settlement) accounts;

accounts for deposit recordkeeping;

other accounts established by the legislation of the Republic of Belarus.

43. A current (settlement) account in foreign currency, Belarusian rubles is opened by a currency-operation entity – non-resident (except for a bank – non-resident) or by its representative office (affiliate).

44. Operations on a current (settlement) account in foreign currency, Belarusian rubles of a currency-operation entity – non-resident are carried out without restrictions on the types of operations, including on foreign-exchange operations, and also on operations with securities.

45. Currency-operation entities – non-residents shall conduct operations on accounts in foreign currency, Belarusian rubles (except for banks – non-residents, diplomatic and other official missions, consular offices of foreign states, and also international organizations, including their missions) in a cashless form, unless otherwise established by the legislation of the Republic of Belarus.

46. Banks – non-residents, except for their representative offices, are entitled to open in banks in Belarusian rubles, foreign currency:

correspondent accounts;

other accounts established by the legislation of the Republic of Belarus.

Representative offices of banks – non-residents with the place of location in the Republic of Belarus shall open accounts in Belarusian rubles and foreign currency in the order established by the legislation of the Republic of Belarus for currency-operation entities – non-residents.

47. Operations on accounts in foreign currency, Belarusian rubles of a bank – non-resident are carried out without restrictions on the types of operations, including on foreign-exchange operations, and also on operations with securities.

CHAPTER 10

CURRENCY OPERATIONS USING CASH FOREIGN CURRENCY AND CASH BELARUSIAN RUBLES

48. Use of cash foreign currency between currency-operation entities – residents is allowed when conducting currency operations specified in sub-clauses 25.8, 25.9, 25.11 of clause 25 of these Rules.

49. Use of cash foreign currency by currency-operation entities when conducting currency operations with participation of natural persons is allowed in the cases specified in clauses 30 and 31 of these Rules.

In the places specified in part one of this clause, currency-operation entities are entitled to give change for a sum less than the sum of the minimum nominal value of a banknote of the respective foreign currency in Belarusian rubles at the official rate of Belarusian ruble toward foreign currencies established by the National Bank on the day of performance of the currency operation.

50. Use of cash foreign currency between a currency-operation entities – residents and a currency-operation entities – non-residents is allowed when conducting the following currency operations:

when the currency-operation entities – non-residents pay for expenses related to the maintenance of aircraft of foreign states at airports, vessels of foreign states in river ports, as well as when paying for air navigation, airport and port charges in the Republic of Belarus;

when the currency-operation entities – residents pay for expenses related to the maintenance of aircraft of the Republic of Belarus at airports of foreign states, vessels of currency-operation entities – residents in river ans sea ports foreign states, other vehicles during their stay in the territory of foreign states, when paying for  as well as when paying for air navigation, airport, port charges, and other obligatory charges in the territory of foreign states connected with ensuring activity of those currency-operation entities – residents;

when currency-operation entities – residents pay for services rendered by diplomatic and other official missions, consular offices of foreign states;

when foreign-currency entities – non-residents pay for services rendered by diplomatic and other official missions, consular offices of the Republic of Belarus located outside the Republic of Belarus;

when conducting exhibitions, fairs, sports and cultural events in the territory of a foreign state;

when conducting currency operations specified in sub-clauses 25.8 and 25.9 of clause 25 of these Rules.

51. Use of cash foreign currency by diplomatic and other official missions, consular offices of foreign states, and also international organizations, including their missions, is allowed in the following cases:

when cash foreign currency is received from:

foreign-currency entities — for rendered services;

natural persons – on currency operations specified in clause 31 of these Rules;

when withdrawing cash foreign currency for their own needs.

52. Use of cash Belarusian rubles by foreign-currency entities – non-residents  when conducting currency operations shall be carried out in the order and amounts established by the legislation of the Republic of Belarus for currency-operation entities – residents.

53. Use of cash foreign currency by banks in cases not related to customer servicing is allowed when carrying out foreign exchange operations and operations on exchange of cash foreign currency of one type for cashless foreign currency of the same type, as well as in cases provided by these Rules for the currency-operation entities – residents and other acts of currency legislation.

54. Use of cash foreign currency (cash Belarusian rubles) when banks – non-residents pay cash foreign currency (cash Belarusian rubles) to a correspondent account in foreign currency (Belarusian rubles) of a bank – non-resident and withdraw cash foreign currency (cash Belarusian rubles) from a correspondent account in foreign currency (Belarusian rubles) of the bank – non-resident is carried out without restrictions, unless otherwise established by the legislation of the Republic of Belarus.

55. Use of cash foreign currency when conducting other currency operations is allowed in the cases established by acts of the currency legislation.

56. Cash foreign currency received by currency-operation entities when conducting currency operations in the territory of the Republic of Belarus outside the Republic of Belarus, and also that withdrawn and not used by them, is subject to mandatory crediting to their current (settlement) accounts, other accounts, with the exception of foreign currency:

received for conducting operational-search actions and pre-trial proceedings by state bodies and officials authorized in accordance with the legislative acts;

received from conducting exhibitions, fairs, sports and cultural events in the territory of a foreign state and directed for payment of expenses on such events during the period of their conducting;

received for expenses connected with business trips (trips of individual entrepreneurs) outside the Republic of Belarus;

received in other cases established for by the legislation.