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Belarus approved rules for forex market activity

According to the Edict of the President of the Republic of Belarus of 4 June 2015 No. 231, adopted with a view of regulating operations with forex instruments, such operations may be carried out in the Republic of Belarus only by legal persons registered in the Republic of Belarus and included in the register of forex companies, the National Forex Center, banks, and non-bank credit and finance organizations.

The Edict provides that all forex operations in Belarus shall be carried out through the National Forex Center to be determined (established) by the Council of Ministers of the Republic of Belarus jointly with the National Bank as an economic company more than 50 percent shares of which are in the ownership of the Republic of Belarus.

The Edict was officially published in Russian on the National Legal Internet Portal of the Republic of Belarus on 6 June 2015 and its main provisions enter into force in nine months from the day of official publication.