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Amendments to the laws on currency regulation and currency control officially published
The Law of the Republic of Belarus of 30 June 2020 “On changing laws on currency regulation and currency control” provides for further liberalization of currency relations and implementation of measures restricting the use of foreign currency in the economy, aimed at the formation of monetary settlements and pricing in the Republic of Belarus exclusively in the national currency, the National Legal Internet Portal of the Republic of Belarus informs.
introduction of changes in the powers and rights of the National Bank in the field of currency regulation;
empowering the Government to introduce currency restrictions in conjunction with the National Bank in the event of a threat to the country's economic security;
definition of rights and obligations of residents and non-residents in conducting currency transactions;
determining the instances of the use of foreign currency between participants in foreign exchange relations;
establishing the main provisions for the monitoring foreign exchange transactions by the National Bank;
establishing the registration procedure for foreign exchange contracts when residents carry out certain foreign exchange transactions in excess of the established limit values;
abolishing the directive deadlines for the repatriation of foreign currency revenue and the granting the residents the right to determine the terms of repatriation on the basis of contractual relations with counterparties;
removing restrictions on opening accounts in foreign banks by residents.
removing restrictions on residents to conduct foreign exchange transactions related to the movement of capital.