How can you benefit from foreign currency liberalization in Belarus?

How can you benefit from foreign currency liberalization in Belarus?

New freedoms for business development: the National Bank has canceled restrictions on the target purchase of foreign currency.

This is good news for legal entities and individual entrepreneurs. Residents of Belarus will be able to buy currency in unlimited quantities and dispose of it at their discretion.

What does this mean?

Currency relations of entrepreneurs and legal entities with the main financial regulator are greatly simplified.

Alexander Timoshenko, Head of the Information and Public Relations Department of the National Bank of the Republic of Belarus:
This decision will be an additional step towards harmonization of currency legislation within the framework of the Eurasian Economic Union and will form the prerequisites for the subsequent cancellation of other restrictions.

Such a "targeted approach" to foreign currency transactions was established in the 1990's. Currency was to be used only for certain purposes (for example, for settlements with non-residents). You could use it only for 7 working days.

From April 11, 2018, all foreign currency purchase restrictions in Belarus will be removed.

This means that both businesses and businessmen will be able to buy dollars and euros in unlimited amounts. and dispose of them on one's own discretion. You will just need to specify the code indicating the purpose of using the foreign currency.

Sergei Novitsky, Deputy Chairman of the Council for the Development of Entrepreneurship in the Republic of Belarus:
It is not always possible to accurately calculate how much equipment you have to buy and the exact amount, the cost of an equipment or even a product. We are following the trend, like our neighbors - the Russian Federation and Kazakhstan.

This Belarusian enterprise has been producing components for engines of automotive, railway and aviation equipment for a year already, according to its own unique development. About 80% of the products are exported to Russia, Europe and even the USA. In 2017, two more new workshops were built and production increased significantly. Therefore, they know how such a step to liberalize foreign exchange relations can help grow and develop.

Andrey Bodyako, Deputy Director of the enterprise:
Such a measure allows you to freely dispose of your resources, whether for settlements with suppliers or to repay a loan in foreign currency.

All this will provide greater freedom of business activity. In fact a lot has been recently done in Belarus to improve the business climate.

SEE: Belarus National Bank cancels restrictions on targeted foreign currency purchase