National Bank imposed ban on foreign currency purchase

The National Bank of Belarus imposed a ban on foreign currency purchase at an over-the-counter market for advance payments for imported goods and services.

Interfax has learnt if from the information department of the National Bank of Belarus. These restrictions are provided by regulation of the National Bank’s management #165 of November 11, recorded in the National Legal Acts Register on November 14.

According to the document, banks must refuse currency transaction to a resident subject in case it applies a bank for purchasing foreign currency at the over-the-counter market for advance payments for imported goods and services. Imported good and service may be paid only after they have been received and the necessary documents have been introduced.

However, the National Bank can permit buying foreign currency for advance payment for import at the over-the-counter market if the Council of Ministers gives a petition.

Rules of buying foreign currency at the stock market remain the same.

Before this decision was adopted, the National Bank tightened control over the situation at currency market via compulsory monitoring of deals at the over-the-counter market. To buy foreign currency, residents needed to give information to the bank about the sphere they work in, a sum of required currency, and an aim of the purchasing.

Banks send these data to the National Bank of Belarus next business day. After that, on next day the banks sell foreign currency according to the request. An exception is advance payments for import.

As it has been informed earlier, the National Bank restricted buying foreign currency by banks on their own funds. Now only the amount of foreign currency that will be sold to people through currency exchange offices can be bought by banks on their own funds at the stock exchange.