Currency Regulations

For a long time there have been a number of restrictions on the use of currency in various fields of activity in Belarus. These restrictions are set in order to strengthen the stability of the Belarusian ruble, to contain inflation processes, and to overcome crisis phenomena in the economy.

Belarusian economy has developed conditions that gradually lead to a softening of currency regulation, but many restrictions remain.

That is why the government takes a number of measures to regulate the use of currency both within the Republic between residents and abroad between residents and non-residents. It also establishes rules for various currency transactions, the violation of which leads to sanctions.

As a rule, Belarusian companies make all payments in Belarusian rubles, but in some cases, the use of foreign currency is allowed.

The list of such cases is quite extensive, but the most striking examples are the possibility of its use in transactions between Belarusian entities and freight forwarding companies-residents within the terms of agreement of shipping goods services or in settlements with insurance companies under insurance contracts.

It is important to know how to carry out transactions and other operations correctly using foreign currency, as well as transactions and operations in which Belarusian rubles are used with non-residents.

Such transactions and operations are called foreign exchange operations and divided into two types: current operations and operations related to the capital flow.

Current operations, for example, export and import transactions are carried out without restriction, while operations related to the capital flow, such as obtaining a loan or a credit, are carried out on a registration or on a notification basis for now.

It is important to note that in 2019, in connection with the ongoing policy of liberalization of currency relations, many changes regarding currency regulation came into force.

Permission from the National Bank is no longer required to conduct a number of currency transactions related to capital flows; individuals have the opportunity to open accounts in foreign banks without the same permission.

In turn, the procedure of conducting current currency transactions has not changed.

The procedure for using cash foreign currency in settlements between residents and non-residents has also changed.

Beliaevs & Partners Legal Group will help you determine the full list of cases when you can use foreign currency for payments to your counterparties, as well as deal with the procedure for conducting currency transactions.