From July 9, 2021, the changes in currency regulation and control regarding the functions of currency control authorities, as well as the rights and obligations of residents (legal entities and individuals) will take place. From this date, it will be necessary to register currency contracts, provide documents and other information about their amendment/execution on the web portal posted on the official website of the National Bank of the Republic of Belarus (hereinafter – the “NB RB”). The launch of the web portal will be announced additionally by the NB RB.
Which currency contracts are subject to registration?
- Contracts concluded by residents with non-residents of Belarus, if:
- they provide for the fulfilment of currency transactions determined by the Resolution of the Board of the NB RB 37 dated 12.02.2021, providing, for example, settlements for export/import, etc.,
- the amount of monetary obligations as of the date of their conclusion is not defined or is at least 2000 basic values in equivalent for individuals and 4000 basic values in equivalent for legal entities and individual entrepreneurs;
- Contracts concluded by residents before 09.07.2021, if the obligations under them are not fulfilled before this date.
When should they be registered?
- Before the resident starts committing any actions aimed at the execution of currency contracts, or
- Not later than 7 working days after the money is credited under them on the resident’s account.
How SCHNEIDER GROUP can help
If you have any questions or need professional legal support on various aspects of currency regulation and control in Belarus, including the registration of currency contracts, the experts of SCHNEIDER GROUP Minsk office are ready to help you.