Plans to continue liberalizing forex regulations in Belarus

MINSK, 10 January (BelTA) – A new revision of the law on foreign currency regulation and currency control is in development in Belarus. The bill is expected to implement complex institutional changes designed to improve forex regulations and fill gaps, liberalize exchange regulations, and reduce the use of U.S. dollars in the national economy, BelTA learned from Vadim Ipatov, Director of the National Center of Legislation and Legal Research.

In his words, new approaches will be introduced to regulating relations involved in foreign currency operations in compliance with requirements of the modern world and international practice. “The bill is supposed to stipulate the main provisions concerning the creation of a currency monitoring system as administrative, and directive-based regulations are being replaced with economic ones based on recording and analyzing money flows. For the sake of liberalizing exchange regulations plans have been made to allow individuals and corporations to freely open accounts in foreign banks without any permits. Resident individuals and corporations will be able to perform operations using these accounts, receive or grant loans from and to non-residents, buy stock of non-residents, and invest in the charter capital of non-residents,” noted the official.

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