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Registering contracts in foreign currencies required from resident individuals and companies in Belarus

The procedure for registering foreign exchange contracts by residents (individuals and legal entities) on a web portal posted on the official website of the National Bank has been determined. This is provided by the decree of the Board of the National Bank of February 12, 2021 No. 37.

This new procedure is part of the Law of July 22, 2003 No. 226-З "On Currency Regulation and Currency Control", which comes into force on July 9, 2021 and provides for the liberalization of the procedure for conducting currency transactions. "In particular, resident individuals will not need to obtain permits from the National Bank to conduct foreign exchange transactions related to the movement of capital (purchase of real estate abroad, contribution to the statutory fund of a non-resident, purchase of securities issued by a non-resident, etc.) Legal entities and individual entrepreneurs, when carrying out foreign exchange transactions related to the movement of capital, will not need to register foreign economic agreements with banks, as well as submit notifications of their implementation to banks," the document's authors explained. The authorization procedure for opening accounts in banks outside Belarus by legal entities and individual entrepreneurs - residents is also canceled.

However the decree stipulates that from July 9 of 2021, residents of Belarus will need to register foreign currency contracts concluded with non-residents on the web portal posted on the official website of the National Bank. It is necessary to register foreign exchange contracts if the amount of monetary obligations at the date of the conclusion is not determined or is equal to or exceeds the equivalent of 2 thousand base values (approx. 2000 USD) ​​for individuals and 4 thousand base values (approx. 4000 USD) ​​for legal entities and individual entrepreneurs. Also, the document defines a list of foreign exchange transactions in which a foreign exchange agreement must be registered.


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