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English
Authorities scrap fee on foreign exchange purchase by legal entities
The Council of Ministers announced late on Tuesday that the fee on foreign exchange purchases by legal entities at the Belarusian Currency and Stock Exchange will be abolished on January 8.
The fee was introduced on December 20. It was lowered from 30 to 20 percent on December 29 and to 10 percent on January 5.
The fee was introduced for both companies and individuals. The Belarusian rubel has weakened against the US dollar from around 11,000 to 12,800 since its introduction.
The measure was fiercely criticized by independent economists and business associations, which warned that it led to the de facto multiplicity of the rubel’s exchange rates.
There was no indication on Wednesday whether the government planned to abolish the fee for individuals. At present, individuals can buy one US dollar at currency exchange outlets for 14,400 to 14,600 rubels. // BelaPAN
Все материалы на эту тему
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Fee on foreign exchange purchase cut to 10 percent
NBB said that the fee cut was part of "consistent measures to normalize the situation in the financial sector." -
Experts lambaste 30-percent tax on purchases of foreign currency
Experts have criticized the government's move to introduce a 30-percent tax on purchases of foreign currency by individuals and legal entities.
- Individuals said to have bought $19.5 million more foreign exchange than they sold in February
- Lukashenka: Belarus needs to raise annual hard currency revenues by up to $3 billion
- Belarus' gold and foreign exchange reserves said to have decreased by 25 percent in first three months
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