New restrictions on the foreign exchange market

Society
The government and the National Bank of Belarus issued a joint decree number 240/5 "On the calculation of the import of certain goods," according to which prohibited the purchase of foreign currency for import of equipment worth 50 million euros, according to a press release from the Department of Information of the NBB.

Import of equipment for foreign contract in excess of 50 million euros in the equivalent, will be made solely from the proceeds in foreign currency which hasXia at the disposal of the importer and the foreign currency received under the loan agreements (loan agreements) concluded with non-residents and Belarusian banks for a period of not less than 1 year.

Purchase of foreign exchange by resident entities to make payments to non-residents on the import of equipment is possible only by foreign trade agreements, the amount of which does not exceed 50 million euros in the equivalent.

"This measure is aimed at limiting the demand for foreign exchange by resident entities that implement large investment projects that have serious consideration of their economic feasibility and sources of payment (foreign currency earnings, foreign currency loans to the Belarusian banks or external funding). As for the small and medium-sized businesses still possible acquisition of foreign equipment for an amount not exceeding 50 million euro equivalent, both due to the above-mentioned sources, and due to purchased in the domestic foreign exchange market ", — said in a press release.

In NBB note that this measure is temporary and will be in effect until March 1, 2012. In NBB reminded that President of Belarus February 25, 2011 d at the meeting with the new members of the Government "drew attention the need for more prudent use of business entities of foreign exchange, especially those businesses that do not have their own foreign exchange earnings. "

Recall that during the meeting Alexander Lukashenko blamed the prime minister and chairman of the National Bank that they are "based on obscure theories of the free market," handing out money through the stock exchange, "just anyone."

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