Tax on foreign currency purchases by individuals in Belarus gone


The National Bank of the Republic of Belarus has lifted the levy on foreign currency purchases by individuals.

Since the levy on foreign currency purchases via the currency and stock exchange was removed as of 8 January, the National Bank Board has decided to do the same for foreign currency purchases by individuals as from 9 January 2015. The measure is supposed to unify exchange rates in different segments of the currency market and bring them closer to the official exchange rate of the Belarusian ruble. Following the trading session of the Belarusian Currency and Stock Exchange on 8 January the exchange rate stands at Br13,760 per U.S. dollar.

As from 9 January the National Bank will resume another set of measures. The exchange rate of the Belarusian ruble will be tied once again to the basket of foreign currencies. The share of the Russian ruble in the basket will be raised to 40% while the shares of the U.S. dollar and the euro will be reduced to 30% each respectively.

As it was reported earlier, on December, 19 the National Bank declared the introduction of a temporary 30% levy on foreign currency purchases by individuals and corporations in view of the skyrocketing demand for U.S. dollars and euros on the domestic currency market. Enterprises and banks were instructed to pay the levy while purchasing foreign currency via the exchange while citizens were to pay the levy while purchasing foreign currency from banks. The sums were transferred to the state budget.

www.belsat.eu/en, via BelTA

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