Amendments to the laws on currency regulation and currency control officially published

The Law provides in particular for:
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.
The Law was officially published in Russian on the National Legal Internet Portal of the Republic of Belarus on 8 July 2020, and its main provisions enter into force in one year after its official publication.