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Belarus’ central bank eager to launch updated forex regulation system as from 2021

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The National Bank of the Republic of Belarus. An archive photo

The National Bank of the Republic of Belarus. An archive photo

MINSK, 7 February (BelTA) – Belarus’ central bank intends to launch an updated foreign currency regulation system in the country as from 2021, BelTA learned from Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur on 7 February.

The NBRB head said that a bill on forex regulation and exchange control had been drafted. “On the one hand, it reflects liberal approaches to exchange regulation. Instead of a system based on prohibitions we should embrace a foreign currency monitoring system, a system based on permissions. On the other hand, the bill provides for banning the use of foreign currency for transactions inside the country,” he said.

Pavel Kallaur specified that the bill is being reviewed by the government. “We expect the bill to be passed some time next year so that as from 1 January 2021 we would have a modern forex regulation system in place in compliance with the best international practices,” Pavel Kallaur said.

The NBRB head mentioned the importance of treating the national currency with respect in order to expand its field of use. “We should not resort to foreign currency for transactions inside the country because we have our own legal tender – the Belarusian ruble – and we should pay with it. We should move away from the rudiments of the past, which came to be when times were hard,” he stressed.

BelTA reported earlier that the new bill on forex regulation and exchange control also provides for abolishing administrative procedures in the course of foreign currency operations involving the movement of capital when corporations open and use accounts outside Belarus. The bill also specifies time limits for repatriating foreign currency proceeds in contracts of Belarusian companies. The reduced use of U.S. dollars will also have a significant effect on inflation expectations and will help improve the effectiveness of the monetary policy as a whole.

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