National Bank lowers currency purchase fee to 20%

On December 30, the size of the foreign currency purchase fee for the population will decrease from 30% to 20%. This decision was taken by the board of the National Bank of Belarus. It is noted that this is done "due to the improvement of the situation in the financial and currency markets of the republic".

"The decision to reduce the size of the fee for the population to 20 per cent was made in view of the similar decline, from December 29, 2014, of the foreign currency transactions tax ... as well as changes in the official exchange rate of the Belarusian ruble against the US dollar, which by the end of trading on the Belarusian Currency and Stock Exchange December 29, 2014, amounted to about 7 percent," said the National Bank statement.

It is noted that if the "positive trends" in the financial market are fixed, the National Bank will take "further steps to reduce the foreign currency purchase fee for the population".

On December 19, the government and the National Bank introduced a 30% tax on the purchase of currency. National Bank believes that the innovation allowed "to prevent the development of negative trends in the financial sector of the Republic of Belarus".

Photo: AP