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Currency regulation and implementation of foreign trade transactions

Currency regulation

The main legislative instrument in the sphere of currency regulation is the Law of the Republic of Belarus as of 22.07.2003 № 226-З “On currency regulation and currency control”.

Apart from currency regulation and control the Law also regulates the circulation order of currency values, the scope of rights and obligations of the participants of currency transactions, etc.

The currency legislation divides currency transactions conducted between residents and non-residents into two types:

  1. Current currency transactions (for which the minimal number of limitations is applied).
  2. Currency transactions related to the movement of the capital (the general rule is that the residents need a special permission of the National Bank of Belarus to carry out these transactions).

Implementation of foreign trade transactions

Transactions on export and import are traditionally subject to special control by the public authorities. The main legislative instrument regulating this sphere is the Decree of the President of the Republic of Belarus as of 27.03.2008 №178 “On the procedure of implementation and control of foreign trade transactions”.

One major limitation is the following : for each foreign trade treaty providing for compensatory transfer of goods , total cost , taking into account its annexes and additions to this contract is 3000 euro equivalent or more, the resident is obliged to fulfill its obligations to the non-resident to register the transaction in its servicing bank .

As a general rule advance payments on import by a resident to a non- resident are allowed with the permission of the National Bank of the Republic of Belarus, except in some cases.