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16 June 2022, 09:01

Belarus expands export financing opportunities

An archive photo
An archive photo

MINSK, 16 June (BelTA) – On 15 June Belarus' Prime Minister Roman Golovchenko signed a resolution to expand the scope of export financing, BelTA learned from the press service of the government.

The document allows providing export loans to Belarus' resident companies that produce and export goods (works, services) through authorized organizations or holding companies. Special exporters and holding companies that export goods (works, services) will also be able to apply for export loans.

The document establishes floating interest rates (instead of fixed ones) on export loans and factoring in Belarusian and Russian rubles. This is expected to factor in changes in funding terms (interest rates) for resources raised by the Development Bank of the Republic of Belarus and other banks.

In addition, the document allows banks and the Development Bank to use the factoring instrument to finance resident companies that run export contracts in Belarusian rubles (now it is possible only for foreign currency and Russian rubles).

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