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The National Bank changed the rules for registration of foreign exchange contracts

The National Bank has changed the Instruction on the registration of foreign exchange contracts by residents. The corresponding decision was made by Resolution of the Board dated September 14, 2022 No. 345. The new version of the document will come into force on October 1, 2023, due to the need to refine the software of the web portal “Registration of foreign exchange contracts”, taking into account the changes made.

What is changing?

According to the press service of the National Bank, the new instruction regulates approaches to determining the amount of monetary obligations under a foreign exchange agreement. Thus, when determining the need to register a foreign exchange agreement, when recalculating the amount of obligations under it into base values, the amount of the base value and the official exchange rate of the Belarusian ruble established on the date of the conclusion of the foreign exchange agreement will be applied.

Also, issues related to determining the moment of registration of a foreign exchange agreement, including when the receipt of funds and the performance of actions aimed at its execution, occur on the same day.

In addition, the instruction introduced a new type and subtype of a foreign exchange agreement relating to foreign exchange agreements providing for export and import, as well as separate subtypes of foreign exchange agreements providing for the provision of insurance services, intermediary agreements, etc. This decision will allow to take into account situations when, within the framework of one currency agreement, it is envisaged to make payments for both exports and importsas well as to specify the volumes of financial flows within the framework of certain types of foreign exchange contracts, which will increase the relevance of the data entering the information system of the National Bank’s foreign exchange monitoring.

To reduce the burden on residents, the deadline for submitting information on the fulfillment of obligations under a foreign exchange agreement has been optimized.

The instruction also contains other changes that will simplify the procedure for residents to register foreign exchange agreements and enter information on the fulfillment of obligations under them on the web portal “Registration of foreign exchange agreements”.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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