National Bank may liberalize foreign currency exchange legislation

During the Banking Forum, First Deputy Chairman of the National Bank, Taras Nadolny, said that the National Bank is considering the possibility of liberalizing the currency legislation.

"We are currently assessing the possibility of liberalizing the currency legislation to create conditions for the inflow of currency into the local market in terms of the free economic conditions," said Nadolny.

We are considering the issue of reducing the mandatory sale of foreign currency earnings by business entities, because from 1 January 2017, the EAEC agreement, provides complete abolition of compulsory sale of foreign exchange earnings by business entities.

Nadolny also said that Belarus has the right in certain cases to maintain the mandatory sale of foreign currency earnings, the country has no plans to actively use it, BelTA reports.

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