New currency regulation and control law in Belarus

Significant changes to procedure for doing business abroad

The new law on currency regulation and control (hereinafter – “the Law”) introduces the definition of “currency agreement”: namely, an agreement (contract) or other document on the basis of which currency transactions are carried out.

From now on, residents must register currency agreements on a special portal. Registration rules are set forth in regulations of the National Bank adopted under the Law.

Moreover, the Law cancels the division of currency transactions into current ones and those related to movement of capital, as well as requiring permission from the National Bank in 0rder to conduct currency transactions.

However, the National Bank sets the procedure for registration of currency agreements, the list of currency transactions that require registering a currency agreement, as well as threshold amounts of obligations under a currency agreement above which a currency agreement must be registered.

Registration is carried out by residents individually or with assistance from banks via the National Bank portal.

Note: residents should obtain authorization on the portal ahead of the Law’s entry into legal force. From now on, registration covers a wide range of contractual relationships, not only agreements on transfer of goods.

In connection with the Law’s entry into legal force:

  • currency transactions using foreign currency in cases listed by the currency legislation until the Law’s entry into legal force are permitted until the obligations under those currency transactions are performed;
  • agreements signed before the new Law’s entry into legal force and providing for such transactions need not be changed in line with the Law; however, in some cases they may need re-registration;
  • at the same time, such agreements should be reworded in line with the requirements of the Law if they are prolonged;
  • permissions issued by the National Bank are cancelled as of the Law’s entry into legal force.

The Law enters into legal force from 9 July 2021.

Source: National legal internet portal of the Republic of Belarus (NLIP) 08.07.2020, 2/2755

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