Belarus | Changes in currency regulation control from July 9, 2021

 

The Law of June 30, 2020 No. 36-Z “On Amendments to the Laws on Currency Regulation and Currency Control” (hereinafter – the “Law”) amends some currency regulations and currency control rules aimed at liberalizing currency relations and devaluing the economy.

From July 9, 2021, changes related to the functions of currency control authorities will come into force. You can find out about the most important of them at the link.

Before the changes come into force:

  • It is allowed to carry out operations using foreign currency until the obligations under them are completely fulfilled, if those operations were initiated before the Law comes into force;
  • Those agreements that provide for the conduction of such operations, concluded before the Law comes into force, are not subject to revision in accordance with the Law. The extension of the term of such agreements is possible only subject to their revision in accordance with the Law;
  • The validity of permits issued by the National Bank prior to the Law coming into force shall be terminated from the date the Law comes into force.

SCHNEIDER GROUP Minsk experts will be happy to provide you with professional support in the issues related to the changes in currency regulation and currency control, using their experience and competencies to grow your business. If you have any questions or need our help, please contact our specialists.

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