National Bank reduces share of forex revenues firms have to sell

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April 22, 2016 19:07

As of February 205th, the National Bank reduced the share of foreign-currency revenues that Belarusian companies are obliged to sell to 40% from 50%. This action has been taken in order to demonstrate the foreign exchange market stabilisation and reduce devaluation moods. As a result, Belarus anticipates increasing foreign currency revenues, reducing external current and overdue receivables, and cutting payment terms under export contracts. In the future, the requirement might be reduced to 30%, but this will depend on the situation with imports and on the results of talks with Russia over financial aid to Belarus. 

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