National Bank introduces new restrictions on foreign currency use
Belarus has introduced new restrictions on transactions with foreign currency. In the framework of the dedollarization policy, the National Bank of Belarus on November 7 passed Resolution No 138. The Central Bank has banned residents from using foreign currencies when receiving loans by wiring a foreign currency to the bank account of a borrower as well when repaying loans and interest fees. A similar ban applies to the residents of free economic zones.
The issue of bonds in foreign currencies for legal entities is also banned.
In the view of analysts, this measure of the Belarusian authorities aims to minimize demand for foreign currencies in the condition of the crisis. In the first half of 2009, a high demand for foreign currencies significantly reduced Belarus' gold and currency reserves, reports BDG on-line.
The issue of bonds in foreign currencies for legal entities is also banned.
In the view of analysts, this measure of the Belarusian authorities aims to minimize demand for foreign currencies in the condition of the crisis. In the first half of 2009, a high demand for foreign currencies significantly reduced Belarus' gold and currency reserves, reports BDG on-line.
