RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of May 26, 2015 No. 323

About features of functioning of the domestic foreign exchange market upon transition to the exchange biddings in the mode of continuous double auction

Based on Item 1 of the Presidential decree of the Republic of Belarus of July 17, 2006 No. 452 "About obligatory sale of foreign currency", paragraphs of the third and eighth of Article 33 and part one of article 39 of the Bank code of the Republic of Belarus the Board of National Bank of the Republic of Belarus DECIDES:

1. Determine that when carrying out the exchange biddings in the mode of continuous double auction till January 1, 2017:

1.1. in the stock foreign exchange market of the transaction of purchase, sale of foreign currency are performed by banks and the non-bank credit and financial organizations of the Republic of Belarus (further - banks) on its own behalf and at own expense, and also on its own behalf and at the request of clients in case of obligatory sale of foreign currency;

1.2. obligatory sale of foreign currency in the stock foreign exchange market is performed by banks at the request of clients taking into account the following:

the bank accepts orders of clients for obligatory sale of foreign currency and creates of them one or several requests for sale of foreign currency at the auction held by Belarusian Currency and Stock Exchange open joint stock company (further - trading session);

if after execution of requests during the trading session any part of requests for sale of the foreign currency which is subject to obligatory sale was not performed, the bank has the right to submit the application for sale of foreign currency during closing of trading session on the rate calculated as the weighted average value on the basis of the minimum rates of the committed transactions on the corresponding foreign currency fixed during the trading session;

settlings of bank with clients on the corresponding foreign currency by results of trading session take place on the weighted average rate calculated according to the transactions made when implementing obligatory sale of foreign currency, including made during closing of trading session.

2. This resolution becomes effective since June 1, 2015.

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