Council of Republic approves new currency regulations

The period the return of foreign currency earnings to Belarus will be determined by enterprises. The Council of the Republic has approved amendments to Law on currency regulation and Law on currency control. The new rules are meant to reduce the administrative burden on the business, increase the efficiency and competitiveness of enterprises in foreign markets. The bill also allows individuals to conduct operations related to the movement of capital without restrictions while companies can open foreign accounts. Instead of the authorization-based procedure a monitoring system has been introduced requiring just notifying the National Bank about the nature of those transactions.