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National Bank of Belarus implements portal for registering foreign currency agreements

We recall that from July 9, 2021, among other things, for individuals, the old authorization procedure for conducting foreign exchange transactions related to the movement of capital (purchase of real estate abroad, contribution to the authorized capital of a non-resident, purchase of securities issued by a non-resident, etc.) is canceled. For legal entities, the restriction for opening accounts outside the country is canceled, as well as the need to register foreign currency-denominated agreements related to the movement of capital in their servicing bank.

In turn, on July 9, the system of currency monitoring of the National Bank was put into effect, one of the main components of which and the one most of interest to companies operating in Belarus is the need for registration of foreign-currency denominated contracts at the National Bank´s web portal.

In essence, for companies operating in Belarus, the new regulation shifts the monitoring of foreign-currency denominated agreements and the related money movements to the National Bank.


Whether or not your agreements should be registered depends on the volume of the movement of capital involved. As of right now the process is still somewhat unclear, so be sure to contact your accounting firm or your servicing bank to get clarification on how to deal with the new requirement.


16.06.21


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