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
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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