Belarus Introduces Measures to Reinforce Currency Controls

In Belarus, amendments have been introduced to Law No. 226-З “On Currency Regulation and Currency Control”. According to the adopted amendments to the Law, on July 9, innovations on currency regulation and control were introduced.

Thus, the National Bank of Belarus can introduce currency restrictions when the country’s economic security is threatened, including the stability of the financial system.

Namely, the changes are as follows:

a ban on currency and currency exchange transactions;

limits on the amounts, number and timing of currency and currency exchange transactions, payment currency, reservation of a part, the entire amount or an amount that is a multiple of the entire amount of the currency exchange transaction;

introduction of the requirement to obtain a special permit from the National Bank for currency exchange transactions.

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