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1 Sep 2016

NBRB eases foreign currency sale requirement as from 1 September

MINSK, 1 September (BelTA) – The National Bank of the Republic of Belarus (NBRB) reduced the rate of mandatory sale of foreign currency earnings to 20% for exporters on 1 September, BelTA learnt from the NBRB Information and PR Department.

With a view to the gradual liberalization of currency relations, the National Bank decided to ease the requirement for the obligatory sale of foreign currency by Belarusian exporting companies from 30% to 20% of the total foreign currency receipts on 1 September. This is envisaged in NBRB Board Resolution of No.424 of 1 August 2016 “Concerning amendments to Resolution No.129 of the National Bank of the Republic of Belarus signed on 13 September 2006”.

“The measure will stimulate the investment and business activity of Belarusian economic entities, become an additional step towards harmonization of the currency legislation in the Eurasian Economic Union and will promote the creation of equal conditions for economic entities of the EEU member states in terms of their export potential development,” the country’s central bank noted.

 

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