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The Council of Ministers and the National Bank have extended for another year the authorization allowing resident legal entities to accept cash foreign currency from non-residents. Joint Resolution No. 540/18 was published today on the National Legal Internet Portal. The document enters into force upon publication.
The resolution extends until December 31, 2027, the validity of Council of Ministers and National Bank Resolution No. 363/13 of June 7, 2022, “On Transactions Related to Exports by Resident Legal Entities.” The original resolution was in effect until the end of 2023, but its validity was subsequently extended several times, most recently until the end of 2026. The authorization to accept cash foreign currency will now remain in force for another year.
Under Resolution No. 363/13, resident legal entities may accept cash foreign currency, including US dollars, euros and yuan, under foreign exchange agreements with non-residents. The same right applies to insurance organizations when exercising the policyholder’s (beneficiary’s) right of claim against the person responsible for losses compensated under export risk insurance or co-insurance contracts, including those supported by the state.
Cash foreign currency received by a resident legal entity outside Belarus must be credited to an account with a Belarusian bank before the deadline for repatriating export proceeds. If the currency is accepted in Belarus, it must be deposited with the legal entity’s cashier, handed over to cash collection service employees, or deposited with a Belarusian bank no later than the next business day after receipt.