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Belarusian companies no longer required to sell forex proceeds

MINSK (BelTA) – With a view to liberalizing foreign currency trade and stimulating business activity Belarus President Alexander Lukashenko has signed a decree to rescind the mandatory sale of foreign currency, the press service of the head of state told BelTA.

This instrument was legislated in the past to help evolve the nascent Belarusian market. Mandatory sale helped fuel the supply of foreign currency on the currency exchange. It was also a limiting factor because investors viewed it as an administrative restriction.

Once commercial entities no longer have to sell part of their foreign currency proceeds, the competitive ability of Belarusian exporters will be bolstered. The novelty will also become an essential factor for improving business operation terms in Belarus.