Belarus Proposes Amendments to Law on Currency Regulation and Control

The House of Representatives has received a draft law proposing amendments to the Law “On Currency Regulation and Currency Control”. The changes are primarily aimed at defining the legal framework for the operation of foreign bank branches in Belarus.

According to the parliamentary press service, the draft includes the following provisions:

• Foreign bank branches will be allowed to conduct banking-related operations with foreign-exchange assets under the same rules that apply to Belarusian banks.
• The use of foreign currency will be prohibited in settlements between a foreign bank branch and Belarusian residents when carrying out non-banking foreign-exchange operations.
• Non-resident individuals will be banned from making payments or transfers in foreign currency to accounts of resident legal entities opened in foreign bank branches.
• Non-residents will be allowed to open accounts in Belarusian rubles and/or foreign currency in foreign bank branches and conduct operations on them in cases defined by the Law “On Currency Regulation and Currency Control”.
• Foreign-exchange transactions on the domestic FX market may be carried out through foreign bank branches that have obtained the necessary authorisation from the National Bank.