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Opinions & Interviews

31 Jul 2018

Opinion: Abolishment of mandatory forex sale will have a positive effect on Belarusian exporters

Opinion: Abolishment of mandatory forex sale will have a positive effect on Belarusian exporters

MINSK, 31 July (BelTA) – The abolishment of the mandatory sale of foreign currency will have a positive effect on the performance of Belarusian exporters, BelTA learned from Deputy Chairman of the Belarusian Scientific and Industrial Association Georgy Grits.

With a view to liberalizing foreign currency trade and stimulating entrepreneurship Belarus President Alexander Lukashenko signed a decree on 31 July to scrap the legislation, which had forced Belarusian companies to sell part of their foreign currency proceeds. Georgy Grits said: “It is a decision we’ve been expecting. It had been declared by the central bank’s strategy and by the set of measures on implementing the 2016-2020 national social and economic development program. Such liberalization is definitely a positive trend. It stems from macroeconomic stabilization, the stabilization of the Belarusian ruble, and the tendency of the gold and foreign exchange reserves to get more stable. Belarusian exporters will definitely benefit from no longer having to sell part of their foreign currency proceeds. The step will equalize conditions with partners and competitors from Eurasian Economic Union member states where companies are not required to sell their forex proceeds.”

This instrument was used in the past to help evolve the nascent Belarusian market. Mandatory sale helped fuel the supply of foreign currency on the currency exchange. Yet it was a limiting factor because investors viewed it as an administrative restriction. “The abolishment of mandatory forex sale will help bolster the competitive ability of our exporters and help diversify export shipments. It will also play a major role in export lending,” stressed the expert.

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