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For the purpose of
control over the full and timely mandatory sale, the Belarusian economic
subjects have the right to have only one current account in foreign currency in
the authorised banks of the Republic of Belarus.
To open a current
account in foreign currency abroad, the Belarusian economic subjects need a
special permit by the National Bank of the Republic of Belarus.
The rate of
transactions on sale and purchase of US dollars at the Belarusian Currency and
Stock Exchange is used as the basis for establishing the official rate of the
National Bank of the Republic of Belarus. In this case the official rate of the
Belarusian rouble to the US dollar is established directly by the results of
auctions and in relation to other currencies with due account of the official
rate of the Belarusian rouble to the US dollar and the cross rates of the US
dollar to other currencies according to the world market. This official rate is
used for all purposes of account, taxation and reporting.
From 1 May 1999, the
National Bank of the Republic of Belarus has conducted official quotation of
the Belarusian rouble to foreign currency according to two lists of foreign
currency.
The rate for
transactions at extra-exchange market of non-cash foreign currencies of the Republic
of Belarus is established by the participants themselves on the basis of the
relationship between demand and offer.
Today, the
extra-exchange market of non-cash foreign currencies is the most dynamically
developing segment of the domestic currency market of the Republic of Belarus.
The exchange rate on
the market of cash foreign currencies, where authorised banks make operations
with the population, is also established on the basis of the relationship
between demand and offer. In this case the exclusive right to make
currency-exchange operations with the population belongs to the authorised
banks of the Republic of Belarus.
Settlements on
operations between residents and non-residents are made in freely convertible
currencies. Settlements in other currencies and in Belarusian roubles are made
if this is provided for by inter-governmental agreements or by agreements
between the national (central) banks of the parties making settlements.
For the purpose of
development of foreign trade and expansion of the sphere of use of the national
currency of the Republic of Belarus, the Agreement was made on formation of the
Payment Union of the CIS countries (1994) and a number of bilateral agreements
between Belarus and the central banks of the CIS countries and the Baltic
States. According to these agreements the Belarusian rouble and the national
currencies of these countries may be used as a means of payment on foreign
economic transactions with these countries; also, freely convertible currency
may be used for this purposes.
Special attention is
paid to the return of the currency receipts to the Republic and to the
regulation of capital flows in the economy of the Republic of Belarus.
Concrete time periods
are set for the return of currency receipts on export contracts and of goods on
import contracts. The time for the receipts of non-residents from the sale
(realisation) of products on an export contract constitutes not more than 120
calendar days from the date of shipment of products by the supplier, while the
time for the receipts from realisation of word and services is not more than 60
calendar days after the day of performance of work or provision of services.
The time of receipt of commodities from a non-resident by an import contract is
not more than 60 calendar days from the date of payment by the receiver
(resident) for the commodities (work or services). The time is set exclusively
for residents that are Belarusian economic subjects, so that, when they make
foreign trade contracts, they must include the allowed time periods into
contracts and must observe them.
Operations with foreign
currency and securities in foreign currency are divided into current operations
with current and currency operations connected with the movement of capital.
Currency operations connected with the movement of capital always require a
special permit of the Ministry of Foreign Affairs of the Republic of Belarus
and a license of the National Bank of the Republic of Belarus, since the
currency used in these operations is used as capital and as a means for
obtaining incomes (capital) and for investment into economies of other states.
Economic subjects of
the Republic of Belarus with all forms of property must assure the receipt of
monetary resources from export of products (work or services) to the accounts
of authorised banks of the Republic of Belarus. Direct transfer of resources
due to the resident of the Republic of Belarus through a foreign economic
contract from a non-resident or in favour of another non-resident through a contract
on reassignment of the demand or for transfer of a debt may be allowed only
when in conformity with these contracts the economic subject of the Republic of
Belarus receives raw materials, other materials, equipment and components or
energy resources for his own needs.
For each foreign trade
transaction the exporter or the importer must, before producing commodities for
customs clearance, submit to the customs authorities for registration the
transaction certificate with the contract the data from which are stated in the
transaction certificate.
The transaction
certificate is the main document of the currency control. The procedure of its
filling is defined by the State Customs Committee.
Before the transaction
certificate is submitted to the customs authorities, the bank must put a visa
in it.
Agents or authorities
of currency control in the Republic of Belarus are:
·
customs
authorities;
·
banks;
·
the Ministry of
Foreign Affairs; and
·
the currency
control inspection authorities.
Prepayment for imported commodities (work or services) for the
mount equivalent up to $US 100,000 may be effected without restrictions while
prepayment for the amount of $US 100,000 or more shall be made only when there
is a guarantee of the bank that provides services to the supplier. Guarantees
shall mean:
·
a guarantee of
return of the advance payment (Advance Payment Guarantee);
·
a guarantee of
due execution of the contract (Performance Bond). In this case the guarantee (bond)
must be issued by the bank the data on which are published in The Bankers
Almanac.
For the purpose of involvement into the national economic
circulation of foreign currency in the Republic of Belarus, it is temporarily
allowed to make retail sale in certain types of commodities and services with
payment in foreign currency.
Import and export of
capital in the Republic of Belarus should be made in conformity with the
Regulations of the National Bank "On The Procedure Of Currency Operations
Connected With Movement Of Capital". Import of capital into the Republic
in any form may be made without any restrictions. Credits (loans) from
non-residents involved by residents of the Republic for the period of more than
180 days shall be registered. This procedure is only of registration character
and is not connected with any restrictions both for residents and for
non-residents.
For residents of the
Republic of Belarus making operations connected with the movement of capital,
it is necessary to obtain a permit in the following cases:
·
opening of an
account in a foreign bank;
·
making of a
contribution into the authorised capital of a non-resident;
·
acquisition of
securities of non-residents;
·
acquisition of
immovable property abroad;
·
giving of credits
(loans) to non-residents for a time over 180 days both in a foreign currency
and in Belarusian roubles.
Artificial persons that are non-residents have the right to open in
authorised banks of the Republic of Belarus accounts both in a foreign currency
and in the currency of the Republic of Belarus. To open accounts by artificial
persons that are non-residents with whose countries the respective agreements
have been made on settlement between governments or central banks, a permit of
the Central Bank of the given country is also needed.
Sources of funds on
accounts in foreign currency may be the following:
·
funds
transferred, imported or transmitted from abroad;
·
receipts from
residents and non-residents for commodities, work and services realised (sold)
in the territory of the Republic of Belarus;
·
interests paid by
the authorised banks for the keeping of funds on accounts and on resources
placed as deposits and other types of debentures;
·
receipts from
accounts of other non-residents in authorised banks of the Republic of Belarus;
·
receipts from
investments in the territory of the Republic of Belarus;
·
resources
received for repay of other commitments before the owners of accounts.
Resources from currency accounts of non-residents may be used for:
·
acquisition of
commodities, work or services in the territory of the Republic of Belarus;
·
placement as term
deposits and other types of debentures;
·
investments in
the territory of the Republic of Belarus;
·
payment of
charitable nature;
·
payment for other
commitments before residents and non-residents.
Resources from
the said accounts in authorised banks may be freely transferred from the
Republic of Belarus or sold at the domestic currency market for the currency of
the Republic of Belarus.
Enterprises that
are non-residents may have in authorised banks of the Republic of Belarus three
types of accounts in Belarusian roubles:
·
accounts in the
currency of the Republic of Belarus type E (investment);
·
accounts in the
currency of the Republic of Belarus type T (current);
·
accounts in the
currency of the Republic of Belarus type C (securities);
The T accounts shall be used to transfer roubles from operations of
the current character, namely: receipts from residents for commodities supplied
to the Republic of Belarus, work performed or services provided and for
transfers of non-trade character.
The E and C accounts
shall be used respectively for transfer of resources from the sale of currency
and investments and from realisation of state securities and securities of the
National Bank of the Republic of Belarus that were earlier acquired for a
definite period of time.
Enterprises that are
non-residents of the Republic of Belarus may acquire foreign currency on the
domestic market from E and C accounts. Roubles from T accounts may be used for
the purposes connected with operations of the current character.
Non-resident banks may
open in their name, in authorised banks of the Republic of Belarus, only such correspondent
accounts in the currency of the Republic of Belarus that are designed for
payments stipulated by the regime of T and E accounts.
Thus, the policy of the
state in the sphere of regulation of the currency system is aimed at forming in
the Republic of Belarus a stable freely convertible national currency,
developing foreign economic relations with countries of the CIS, the Baltic
States and other countries.