/ / Legal News
23.02.2015

Rules for using bills of exchange (promissory notes) in foreign trade set

The Edict of the President of the Republic of Belarus of 17 February 2015 No 69 established new rules for using bills of exchange or promissory notes in settlements under foreign trade contracts. In particular the Edicts provides that Belarusian exporter are entitled to accept as payment promissory notes or bills of exchange issued or avalized by foreign banks that meet the criteria set by the National Bank of the Republic of Belarus. The Edict also established conditions for legal persons that could carry out discounting of the bills of exchange or promissory notes.

The Edict was officially published in Russian on the National Legal Internet Portal of the Republic of Belarus on 20 February 2015, and its main provisions enter into force in three months after its official publication.