Belarus changes procedure for registering currency contracts
In Belarus, the National Bank's instructions on the registration of currency agreements by residents have been adjusted.
The decision on this was made by the regulator’s resolution number 299 dated September 20 of this year.
As reported by the press service of the National Bank, the main provisions of the resolution will come into force on November 19, 2024.
Among the innovations is the addition of a list of currency transactions for which a resident must register the relevant agreement.
Now such registration will also be required for a transaction that requires a resident to fulfill obligations to a non-resident (and vice versa) on the basis of factoring agreements.
At the same time, it is necessary to register previously concluded agreements of this kind, the obligations under which have not been fully fulfilled by November 19, 2024.
In addition, the resolution specifies:
– descriptions of subtypes of foreign exchange contracts;
– the procedure for filling in individual fields of the registration form of a foreign exchange agreement when registering it on the web portal;
– the procedure for the submission by residents of information on the fulfillment of obligations under registered foreign exchange contracts.
The approaches to determining the amount of monetary obligations of the parties under insurance, co-insurance, and reinsurance contracts for the purposes of their registration have also been adjusted.
Another innovation is that from October 1 of this year, a procedure for registering foreign exchange contracts and submitting information on the fulfillment of obligations under such registered contracts in the event of the creation of an individual entrepreneur commercial organization will be introduced.
