Since October 1, 2023, changes (Resolution of the Board of the National Bank No. 345) to Resolution of the Board of the National Bank of Belarus dated February 12, 2021 No. 37 “On registration of currency agreements by residents” come into force.
The changes will affect participants of foreign economic activity (exporters, importers).
What changes from October 1, 2023?
- actions aimed at fulfilling obligations under a foreign exchange agreement (making payments, transferring (receiving) currency values, goods, etc.) can be performed not only by resident itself, but also on its behalf by third parties (for example, banks upon making payments, commission agents).
- foreign exchange agreements that provide for use of Belarusian rubles (earlier only foreign currency) are subject to registration.
- size of the basic value and official exchange rate of the National Bank in order to determine the requirement to register a currency agreement are applied on the date of agreement execution. When changes are made to a foreign exchange agreement (if the agreement was not previously subject to registration), the corresponding size of the basic value and the official rate on the date of the changes are applied.
- new types of currency agreements have been introduced: agreements providing for export-import; intermediary agreements (commission agreements, assignments, agency agreements, agreements with an electronic trading platform and other similar agreements); agreements providing for the transfer by a resident to a non-resident of funds received from operations related to the sale of tokens.
- an assignment of right (claim), transfer of debt requires registration only if the currency agreement under which the right (claim) was assigned, the debt was transferred, has been subject to registration, as well as in case of an assignment of right (claim), transfer of debt to a resident under the agreements executed between non-residents.
- the procedure for providing information on the fulfillment of obligations under a currency agreement has been changed. Information must be submitted no later than the 18th day of the month following the reporting month (period).
- other changes on the registration of currency agreements.
Grounds and conditions for registration of currency agreements
NOTE that, as earlier, currency agreements (on the basis of which currency transactions are carried out according to the list approved by Instruction No. 37 of the National Bank) between residents and non-residents are subject to registration if:
- the amount (estimated amount) of monetary obligations is not determined, or
- equals or exceeds an amount equivalent to 4,000 basic units (for legal entities, individual entrepreneurs); 2,000 basic units (for individuals).
Currency contracts are subject to registration:
- before the resident or on its behalf a third party takes actions aimed at fulfilling obligations under the agreement; or
- no later than 7 business days from the date following date of receipt of funds under the agreement to the resident’s bank account (if during this period the resident/third parties do not take actions aimed at fulfilling obligations).
How can we be helpful?
If you have any questions regarding registration of currency agreements, or need support in drafting, signing and execution of currency agreements with non-residents, we will be happy to provide legal support.
