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Belarus’ central bank steps up efforts to cut dollar use

MINSK, 28 January (BelTA) – The National Bank of the Republic of Belarus is drafting a new set of measures to cut dollar use; there are plans to introduce amendments to the Civil Code and the Banking Code of Belarus, Deputy Chairman of the Board of the National Bank Sergei Kalechits said as he read out a report at an extended session of the Board. The report was posted on the website of the National Bank, BelTA has learned.

“In 2019 the National Bank will keep working on reducing the dollarization of the economy using available instruments. By the end of the year and in the years to come national currency loans should steadily account for more than 50% of all loans,” Sergei Kalechits said.

Work is underway to introduce amendments to the Civil Code and the Banking Code, as well as presidential decrees in order to eliminate the use of foreign currency in settlements and the pegging of various tariffs to it.

Simultaneously, the National Bank will draft a new legal framework that will provide for removing restrictions on foreign currency transactions related to the movement of capital of individuals, removing restrictions on opening accounts at foreign banks by legal entities, and removing restrictions on the repatriation period of foreign currency revenues. It will also provide for spelling out deadlines for the return of foreign currency revenues directly in foreign trade contracts. A system of foreign currency monitory is to be established.

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