Compulsory sale of currency earnings abolished

Тhe administrative burden for legal entities and individual entrepreneurs in the form of compulsory sale of foreign currency has been abolished

Previously residents of the Republic of Belarus – both legal entities and individual entrepreneurs – were obliged to sell part of currency (recently 10% of earnings, previously 30% and more) on the domestic foreign exchange market within seven days after receipt of exchange earnings. On 3 August 2018, Presidential Decree of 31.07.2018 No. 301 entered into force and cancelled this obligation. Time will show whether it is only a single-case decision or the Decree lays the foundation for further removal of strict restrictions established by the Belarusian currency legislation.

Source: National legal internet portal pf the Republic of Belarus (NLIP) 02.08.2018 1/17849


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