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Government draws up measures to boost export proceeds, reduce external receivables

The government and the National Bank have drawn up a number of measures aimed at boosting export proceeds and reducing external receivables, National Bank head Nadzeya Yermakova reported to Alyaksandr Lukashenka during a government meeting on Friday.

According to Ms. Yermakova, export receivables totaled $3.2 billion as of September 1, increasing by $1 billion since the beginning of the year. The reasons included an increase in the physical volume of exports and the need to enter new markets, which led to longer payment periods, she said.

The proposed measures include a ban on novation (replacing an obligation to perform with a new obligation and replacing a party to an agreement with a new party), and a ban on the prolongation of payment deadlines for re-export contracts, Ms. Yermakova said. In addition, she noted, given criticism from the State Control Committee, the National Bank proposes shortening the earlier extended payment period for certain export items from 720 to 540 days.

According to Ms. Yermakova, the export surplus in the first nine months of the year helped increase the nation’s gold and foreign exchange reserves to an amount equal to the average two-month volume of imports and ensure prompt payments on the external debts of the government and the National Bank. “In addition, a favorable environment was created for stabilizing the situation in the foreign cash market,” she said. //BelaPAN