President of Belarus Alexander Lukashenko signed a decree of changes in the laws on currency regulation, which allows the National Bank for up to one year to one year to limit foreign exchange transactions in the country. This is stated on the website of the head of the republic.
The regulator received the right to withdraw the currency from legal entities, enforcing it into the Belarusian rubles at its own rate. He will also be able to prohibit currency and currency exchange operations, set the limit amounts and terms of such transactions, to demand for them a special permit and not give accounts in foreign banks.
To such measures, the authorities prepared in case they explained to the press service of the President, “the threat of economic security of Belarus and the stability of its financial system.”
The cause of such actions of the authorities was a sharp deterioration in the situation with gold and foreign exchange reserves (ZVR) and the rapid growth of public debt, which is mostly nominated in foreign currency. Since January 2020, ZVZ has decreased by a quarter, reaching $ 6.9 billion, which is already less than the minimum standards of the International Monetary Fund (IMF). According to forecasts, by the end of the year the country will lose almost a billion dollars.
However, the problem is exacerbated by the fact that the real currency from the National Bank is even less. As follows from its statistics, stocks of currency assets are 2.8 billion dollars, of which 2.1 billion are placed on bank deposits, and the residue is in foreign securities.
The currency flow into the country will significantly decrease and due to the US pressure, which returned to nine Belarusian state enterprises in the sanction list. Among them, key exporters of petroleum products whose work allowed to bring dollars to the country.