The National Bank of Belarus has allowed individuals to create current accounts in foreign banks and transfer funds to them starting from March 1 of 2019. However, transferring deposits to foreign accounts will still be prohibited.
This decision and other measures to liberalize currency legislation were approved by the resolution of the Board of the National Bank No. 612 of December 19 2019, the regulator said in a press release.
Despite some liberalization, to open a deposit abroad or transfer funds to a foreign deposit account created for resident individuals, one will still have to obtain permission from the National Bank. In addition, individuals will still have to obtain permission from the National Bank to conduct foreign exchange operations related to the movement of capital (purchase of shares and real estate).
