Foreign Exchange Transactions Performed by Residents on the Domestic Market

Residents are prohibited from using foreign currencies, securities denominated in foreign currencies and payment documents in foreign currencies for settlements in Belarus.

This provision does not apply to the following cases:

- For legal entities and individual entrepreneurs – marshalling of term financing for the national and local budgets and payments from these budgets;

- For individual citizens – extension and repayment of loans and provision of grants as well as safekeeping and return of foreign exchange.

In addition, residents can accept foreign currency from other residents as payment for insurance services in cases set forth in applicable legislation. Foreign currency can also be used to settle liabilities of a forwarding agent to a foreign transportation company.

Foreign Exchange Transactions Performed by Non-Residents on the Domestic Market

The Law On Foreign Exchange Regulation and Control imposes no restrictions on settlements between non-residents in either foreign currency or Belarusian roubles which employ accounts opened Belarusian banks and non-bank institutions provided these accounts can be used for such transactions.

Any currency quoted by the National Bank can be used for such settlements.

No limitations are imposed on transactions involving securities denominated either in Belarusian roubles or in a foreign currency between non-residents provided these transactions are performed in Belarus.

Non-residents can execute cash-based foreign exchange transactions only in exceptional cases set forth in the National Bank’s Instruction On the procedure for Executing Cash-Based Foreign Exchange Transactions.

Date: 2014-12-29; view: 855