RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of July 28, 2005 No. 112

About approval of the Instruction about procedure for making of currency exchange transactions

Based on Articles 26, 33 and 277 Bank codes of the Republic of Belarus, article 12 of the Law of the Republic of Belarus of July 22, 2003 "About currency control and currency exchange control" the Board of National Bank of the Republic of Belarus DECIDES:

1. Approve the enclosed Instruction about procedure for making of currency exchange transactions.

2. Recognize invalid:

the resolution of Board of National Bank of the Republic of Belarus of January 31, 2002 No. 16 "About approval of Rules of making of currency exchange transactions by banks, legal entities and individual entrepreneurs in the domestic foreign exchange market of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2002, No. 28, 8/7801);

the resolution of Board of National Bank of the Republic of Belarus of June 27, 2003 No. 122 "About entering of amendments and changes into the Rules of making of valyutnoobmenny transactions by banks, legal entities and individual entrepreneurs in the domestic foreign exchange market of the Republic of Belarus approved by the resolution of Board of National Bank of the Republic of Belarus of January 31, 2002 No. 16" (The national register of legal acts of the Republic of Belarus, 2003, No. 79, 8/9762);

the resolution of Board of National Bank of the Republic of Belarus of December 16, 2003 No. 215 "About acquisition by individual entrepreneurs of foreign currency" (The national register of legal acts of the Republic of Belarus, 2004, No. 5, 8/10352);

the resolution of Board of National Bank of the Republic of Belarus of December 10, 2004 No. 184 "About modification of the resolution of Board of National Bank of the Republic of Belarus of December 16, 2003 No. 215" (The national register of legal acts of the Republic of Belarus, 2005, No. 8, 8/11944).

3. This resolution becomes effective in 3 months after its official publication.

Approved by the Resolution of Board of National Bank of the Republic of Belarus of July 28, 2005 No. 112

The instruction about procedure for making of currency exchange transactions

Chapter 1 General provisions

1. This Instruction determines procedure for making of currency exchange transactions by banks, nonresident banks, subjects of currency transactions and individual entrepreneurs.

Action of this Instruction does not extend to the currency exchange transactions performed with use of corporate bank payment cards in case of money recovery in indisputable procedure.

2. The terms applied in this Instruction are used in values, the stipulated in Clause 1 Law of the Republic of Belarus of July 22, 2003 "About currency control and currency exchange control" (The national register of legal acts of the Republic of Belarus, 2003, No. 85, 2/978).

3. In relation to this Instruction the terms below and concepts are used in the following values:

3.1. subjects of currency transactions - the legal entities created according to the legislation of the Republic of Belarus with the location in the Republic of Belarus; the branches and representations of legal entities created according to the legislation of the Republic of Belarus which are in the Republic of Belarus and beyond its limits with the location in the Republic of Belarus, and also the individual entrepreneurs registered in the Republic of Belarus; the diplomatic and other official representations, consular establishments of the Republic of Belarus which are outside the Republic of Belarus; The Republic of Belarus, its administrative and territorial units participating in the relations regulated by the foreign exchange legislation of the Republic of Belarus; the legal entities created according to the legislation of foreign states with the location outside the Republic of Belarus; the branches and representations of the legal entities created according to the legislation of foreign states which are in the Republic of Belarus and beyond its limits with the location outside the Republic of Belarus; the organizations, not being legal entities, created according to the legislation of foreign states, with the location outside the Republic of Belarus; the branches and representative offices of the organizations, foreign states which are in the Republic of Belarus and beyond its limits not being legal entities and created according to the legislation, with the location outside the Republic of Belarus; the diplomatic and other official representations, consular establishments of foreign states which are in the Republic of Belarus and beyond its limits; international organizations, their branches and representations; the foreign states, their administrative and territorial units participating in the relations regulated by the foreign exchange legislation of the Republic of Belarus.

Banks and nonresident banks do not treat the subjects of currency transactions specified in part one of this subitem;

3.2. banks - the banks and the non-bank credit and financial organizations which are those according to the legislation of the Republic of Belarus and also National Bank of the Republic of Belarus;

3.3. nonresident banks - the banks and the non-bank credit and financial organizations created according to the legislation of foreign state with the location outside the Republic of Belarus;

3.4. currency exchange transactions:

3.4.1. purchase of foreign currency - exchange of Belarusian rubles of the subject of currency transactions of banks, bank, nonresident bank on foreign currency on the established exchange rate;

3.4.2. sale of foreign currency - exchange of foreign currency of the subject of currency transactions of banks, bank, nonresident bank for Belarusian rubles on the established exchange rate;

3.4.3. conversion of foreign currency - exchange of one type of foreign currency of the subject of currency transactions of banks, bank, nonresident bank on other type of foreign currency on the established exchange rate;

3.5. the domestic foreign exchange market - the sphere of the address of foreign currencies and Belarusian rubles as a result of making:

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