Belarus National Bank of Belarus drafting set of measures to cut dollar use

The National Bank of the Republic of Belarus is drafting a new set of measures to cut dollar use; there are plans to introduce amendments to the Civil Code and the Banking Code of Belarus. In 2019 the National Bank will keep working on reducing the dollarization of the economy using available instruments. By the end of the year and in the years to come national currency loans should steadily account for more than 50% of all loans. Simultaneously, the National Bank will draft a new legal framework that will provide for removing restrictions on foreign currency transactions related to the movement of capital of individuals, removing restrictions on opening accounts at foreign banks by legal entities, and removing restrictions on the repatriation period of foreign currency revenues. A system of foreign currency monitory is to be established.