PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of July 17, 2006 No. 452

About obligatory sale of foreign currency

For the purpose of ensuring stability of Belarusian ruble, needs of legal entities and individual entrepreneurs in foreign currency, and also enhancement of procedure for obligatory sale of foreign currency:

1. Determine that the legal entities and individual entrepreneurs who are residents of the Republic of Belarus according to the 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) (daleeyuridichesky persons and individual entrepreneurs), perform obligatory sale of foreign currency in the domestic foreign exchange market of the Republic of Belarus in the amount of (percentage of revenue amount in foreign currency) and procedure, determined by National Bank.

2. Revenue in foreign currency for the purposes of this Decree is the foreign currency cash according to the list of the foreign currencies which are subject to obligatory sale in the domestic foreign exchange market, determined by National Bank arriving to legal entities and individual entrepreneurs into their accounts in banks and the non-bank credit and financial organizations of the Republic of Belarus, in banks and other credit institutions outside the Republic of Belarus according to the transactions providing:

2.1. with the legal nonresident persons and physical nonresident persons performing business activity - on paid basis transfer of goods, the protected information, exclusive rights on results of intellectual activities, property in lease, performance of works, rendering services;

2.2. with banks and the non-bank credit and financial organizations of the Republic of Belarus, and also with banks and other credit institutions outside the Republic of Belarus - financing under concession of monetary claim (factoring) according to the monetary commitments following from the transactions specified in subitem 2.1 of this Item or accounting (purchase) of the securities performing function of settlement documents according to the transactions specified in subitem 2.1 of this Item;

2.2-1. with legal entities accounting (purchase) of the securities which are settlement documents according to the transactions providing on paid basis transfer of goods, the protected information, exclusive rights on results of intellectual activities, performance of works, rendering services;

2.3. with physical persons - realization for foreign currency of goods (works, services) legal entities and individual entrepreneurs in the territory of the Republic of Belarus and beyond its limits.

2.4. with Belarusian Oil Company private company - realization of oil products;

2.5. with Belarusian Potash Company private company - realization of potash fertilizers.

3. Obligatory sale of foreign currency is performed:

3.1. based on the payment instruction represented by the legal entity and the individual entrepreneur to bank and (or) the non-bank credit and financial organization of the Republic of Belarus no later than 7 working days from the date of receipt of revenue in foreign currency into their accounts specified in paragraph one of Item 2 of this Decree;

3.2. through banks and the non-bank credit and financial organizations at the biddings of Belarusian Currency and Stock Exchange open joint stock company. If the amount of the foreign currency which is subject to obligatory sale, less lot, the Belarusian Currency and Stock Exchange open joint stock company established at the biddings such sale is performed to banks and the non-bank credit and financial organizations of the Republic of Belarus;

3.3. before execution of payment instructions on indisputable cash write-off from accounts of the legal entity and individual entrepreneur.

4. Obligatory sale of foreign currency is not performed:

4.1. banks and non-bank credit and financial organizations, insurance companies, residents of free economic zones of the Republic of Belarus;

4.2. on revenue in foreign currency, to the arriving organizations of telecommunication and mail service and directed by them within 30 days from the date of revenues to the account for payment of accounts for services of international telecommunication;

4.3. on revenue in foreign currency, to the arriving legal entities and individual entrepreneurs performing activities in the field of the aircraft, forwarding activities, transportation of passengers and freights by road, inland water, sea transport and directed by them within 30 days from the date of revenues to the account for payment of expenses on transportation, insurance and forwarding of passengers and freights and also on tax payment and the charges in foreign currency connected with transportation of passengers and freights;

4.4. on revenue in the foreign currency which is subject to transfer and transferred within 30 days from the date of revenues to the account according to contracts of the order or the commission with nonresidents during implementation by legal entities and individual entrepreneurs of intermediary activities which are directly connected with transactions according to which revenue in foreign currency is received;

4.5. on revenue in the foreign currency transferred into the special account within 7 working days from the date of its revenues to the account for the purpose of accumulation of money for the direction them on debt repayment in foreign currency on:

to the credits, loans (including interest for using by them), to the loans allowed according to the decision of the President of the Republic of Belarus, the Government of the Republic of Belarus or under guarantee of the Government of the Republic of Belarus;

to the credits, loans (including interest for using by them) granted by nonresidents or banks of the Republic of Belarus and used on acquisition of objects of the leasing or property carried to the fixed assets participating in business activity, used for own production;

to leasing;

4.6. on revenue in the foreign currency transferred within 7 working days from the date of revenues to the account to bank or the non-bank credit and financial organization (factor) based on the agreement of financing under concession of monetary claim (factoring);

4.6-1. on revenue in the foreign currency arriving to legal entities and individual entrepreneurs from realization of the property turned into the income of the state, and also property on which collection on account of the unexecuted tax liability, unpaid penalty fee, in the amount which is subject to budget contribution is turned;

4.6-2.   No. 326 is excluded according to the Presidential decree of the Republic of Belarus of 25.07.2011

4.7. in other cases according to the decision of the President of the Republic of Belarus providing for legal entities and individual entrepreneurs full or partial relief from obligatory sale of the means in foreign currency arriving into their accounts.

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