Belarus to abandon mandatory exporter forex sales by 2017
MINSK. Nov 28 (Interfax) - Belarus will by 2017 do away with the mandatory sale of 30% of exporters' foreign currency earnings, Deputy Prime Minister Sergei Rumas said at the Belarusian parliament on Monday.
"Before 2017, we have taken a moratorium. After 2017 we must take on the responsibility of abandoning such a standard as the mandatory sale by enterprises of some forex earnings," Rumas said.
In the package of agreements on the creation of the Unified Economic Space (UES), Belarus signed and ratified an agreement on unified currency policy with the other member-countries. This document obligates the republic to bring all is rules and standards in line with UES standards.
The most sensitive thing for Belarus is the mandatory currency sales. Russia and Kazakhstan do not have such a rule. "But, considering the structure of our economy, the need to buy primary goods with forex and the daily conversion of currency for these purposes, our partners in the Customs Union have permitted us to put off that moment until 2017," Rumas said.
At present, he said, Belarus is also discussing its position on cancelling the permission rules for operations of a capital nature. This means the opening of accounts in the banks of Customs Union states, enterprises' stock policy, and a number of other operations. "We are having a discussion about providing a transition period, including for adapting business to more open operations. Belarus's proposal is - before 2017, but our colleagues think that three years is sufficient," Rumas said.
Consultations on this subject continue, and a decision should be made next month, he said.