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19 April 2023, 12:54

Changes in currency regulations expected to help Belarus better respond to external challenges

MINSK, 19 April (BelTA) – The changes in currency regulations will allow bigger flexibility while responding to external challenges, Chairman of the Board of the National Bank of the Republic of Belarus Pavel Kallaur said as he spoke at a joint meeting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 19 April, BelTA has learned.

“The key task in the field of currency regulation in 2022 was to improve a legal framework for conducting foreign exchange transactions in the territory of Belarus and foreign economic activity by resident companies taking into account the provisions of the law “On foreign exchange regulation and foreign exchange control” that entered into force on 9 July 2021. The adoption of this law was the result of consistent work of the National Bank to remove excessive foreign exchange restrictions and to reduce the administrative burden on enterprises and households,” Pavel Kallaur said.

The current procedure highlights the need to comply with deadlines set out in foreign trade agreements, with the requirements to repatriate proceeds to Belarusian bank accounts and with the obligation to register foreign trade agreements on the website of the National Bank. “In our opinion, this mode of operation will help companies better respond to external challenges and ensure the receipt of foreign exchange earnings in the country,” the chairman of the Board of the National Bank emphasized.

The development of the currency monitoring system remains a priority area for the National Bank. According to Pavel Kallaur, consistent work is under way to improve the monitoring of foreign exchange transactions and registration of foreign exchange agreements, to expand the interaction of the National Bank with government agencies and other organizations, providing them with access to information on the registration of foreign exchange agreements.

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