National Bank of Belarus simplifies procedure for FX transactions
<p> MINSK, Oct 8 – PrimePress. The National Bank of Belarus (NBB) has simplified the procedure for foreign currency transactions, in accordance with NBB resolution #273 of 29 September 2021. </p> <p> </p> <p> “In order to simplify the order of foreign currency transactions, the norm providing for the obligation of resident legal entities to indicate the direction code of the foreign currency purchase in the corresponding application or payment order, is removed fr om the instructions on the order of foreign exchange transactions,” the NBB Public Relations Department said in a statement. </p> <p> </p> <p> According to the National Bank, the amendments to the instruction on FX operations include the abolition of the mandatory submission of foreign exchange contracts to the banks by residents to confirm the grounds for payments, as well as for depositing (withdrawing) foreign currency in cash to the account. At the same time, the instruction retains the requirement that in cases wh ere commercial banks and the Development Bank of Belarus are unable to determine from the information provided by the client the compliance of conducted transactions with the currency legislation requirements, the banks will additionally request the documents necessary for these purposes. </p> <p> </p> <p> “At the same time, Resolution #273 clarifies the requirements for the content of information submitted by residents and non-residents to banks on FX operations, as well as the banks’ functions in determining the compliance of FX transactions with the requirements of FX legislation,” reads the statement. </p> <p> </p> <p> The main provisions of Resolution #273 will enter into force after the official publication of the document. End </p> <p> </p>
2021-10-09
Primepress
National Bank of Belarus simplifies procedure for FX transactions
MINSK, Oct 8 – PrimePress. The National Bank of Belarus (NBB) has simplified the procedure for foreign currency transactions, in accordance with NBB resolution #273 of 29 September 2021.
“In order to simplify the order of foreign currency transactions, the norm providing for the obligation of resident legal entities to indicate the direction code of the foreign currency purchase in the corresponding application or payment order, is removed fr om the instructions on the order of foreign exchange transactions,” the NBB Public Relations Department said in a statement.
According to the National Bank, the amendments to the instruction on FX operations include the abolition of the mandatory submission of foreign exchange contracts to the banks by residents to confirm the grounds for payments, as well as for depositing (withdrawing) foreign currency in cash to the account. At the same time, the instruction retains the requirement that in cases wh ere commercial banks and the Development Bank of Belarus are unable to determine from the information provided by the client the compliance of conducted transactions with the currency legislation requirements, the banks will additionally request the documents necessary for these purposes.
“At the same time, Resolution #273 clarifies the requirements for the content of information submitted by residents and non-residents to banks on FX operations, as well as the banks’ functions in determining the compliance of FX transactions with the requirements of FX legislation,” reads the statement.
The main provisions of Resolution #273 will enter into force after the official publication of the document. End