Belarusian enterprises exempt from sale of foreign currency earnings

Belarusian enterprises will no longer have to sell foreign exchange earnings. The President today signed an appropriate decree abolishing the old mechanism. The measures became a logical continuation of liberalization of currency relations and should give a new impetus to business activity. Abolition of foreign exchange obligations will improve the situation of enterprises, they will decide, where to channel their revenues.

More freedoms will be provided to exporters, Belarus will become more attractive for investors too. The regulator understands that this measure is already becoming redundant, the foreign exchange market is stable without it.

The fluctuations of the Belarusian ruble this year are insignificant, within 1% in relation to the euro and the dollar. Today, the mechanism of compulsory sale of part of the currency proceeds is used in 57 countries from almost two hundred countries. In the post-Soviet space, this instrument still works in Ukraine, Turkmenistan and Uzbekistan. Belarus has been adding to GDP for the second year, the situation on the financial market is stable, therefore, it was possible to cancel all currency obligations.

If the economy slows down, stability to the financial system will be threatened by external challenges, enterprises will again have to return to the old mechanism.