MINSK, 30 March (BelTA) – The National Bank of the Republic of Belarus suggests expanding the list of basic assets, BelTA learned from Dmitry Nabzdorov, Head of the Central Office for Regulating Non-Credit Financial Organizations and Investment Operations of the National Bank of the Republic of Belarus (NBRB).
The central bank suggests expanding the list of financial instruments by allowing operations with the basic assets, which are traded on foreign organized trade platforms that operate in line with the legislation of such leading foreign jurisdictions as China, the USA, the European Union, Australia, Japan, the UK, and Switzerland. “We suggest expanding the list of basic assets in 2021 so that clients, in particular, foreign clients, who are in any well-developed jurisdiction and come to the Belarusian market, could see a familiar list of assets. How do we plan to do it? There is a resolution of the Council of Ministers and the National Bank on the list of basic assets. We would like government agencies to support the amendment to the document and the expansion of basic assets to the best international cutting-edge practices,” the official noted.
According to Dmitry Nabzdorov, work continues on the draft presidential decree on the market of non-deliverable off-exchange financial instruments. “The work is nearing completion but there are certain minor things to remember. In particular, several initiatives of the central bank have not been approved by other government agencies but we continue discussions. For instance, it is time to call forex companies investment companies and firms the way it is done in Europe. It will allow foreign investors, who create a forex company in Belarus, to understand correctly what these companies are, this is why it is a matter of principle for us. We will continue insisting on our solution because it is incorrect to call these companies in 2021 the way it was done in 2015,” he explained.
“Another novelty is the trend towards reducing the use of foreign currencies in transactions. It should not apply to non-resident companies because U.S. dollars, euros, and so on are the national currency for them. This is why we don't rush the decision because non-resident companies represent 82% of our clients. Some of the provisions of the draft presidential decree are designed to offer additional protection to consumers on this market,” the NBRB representative added. The official surmised that all the necessary procedures will be finished by summer and this document will be forwarded to the government agencies concerned for consideration.
According to the source, if the NBRB's initiative to expand the list of financial instruments is supported, the forex market will be doubled in terms of the number of clients, the amount and the volume of transactions in comparison with 2020.
