MINSK, 10 December (BelTA) - The Belarusian government has submitted a draft law “On Amending the Law of the Republic of Belarus ‘On Currency Regulation and Currency Control’” to the House of Representatives, BelTA has learned.
This bill aims to regulate the activities of foreign bank branches in Belarus regarding operations with currency valuables and foreign exchange transactions.
The bill, in particular, stipulates that foreign bank branches may conduct operations with currency valuables classified as banking operations, following the procedure established for banks of the Republic of Belarus.
The draft law would bar the use of foreign currency in settlements between foreign bank branches and residents for non-banking currency operations.
It is planned to introduce a prohibition on payments and transfers in foreign currency by an individual, non-resident to an account of a legal entity, resident opened in a foreign bank branch.
Non-residents are granted the right to open accounts in Belarusian rubles and/or foreign currency in foreign bank branches and conduct transactions on them in cases provided for by the law “On Currency Regulation and Currency Control”.
The draft also allows foreign exchange transactions on the domestic market through foreign bank branches licensed by the National Bank.
The Standing Commission on Budget and Finance of the House of Representatives has been designated as the lead committee for the bill.
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