Enterprises in Belarus exempt from 30% fee when buying currency to pay for energy

Enterprises in Belarus will not have to pay a 30% fee when buying currency to pay for energy bills, First Deputy Chief of the Council of Ministers’ Office, the head of the Belarusian Prime Minister’s Secretariat Alexander Zaborovsky told a press briefing at BelTA.

"Belarus has imposed a 30% fee on the purchase of foreign currency at the Belarusian Currency and Stock Exchange, apart from the cases when foreign currency is needed to pay for electricity, gas and oil," he said.

Alexander Zaborovsky assured that Belarus will pursue a flexible macroeconomic policy so that all enterprises, including enterprises-exporters working in the domestic market, could adjust to the new temporary conditions. "All measures are designed to bring down the hype that has emerged in the domestic market," said Alexander Zaborovsky.

On 19 December, the National Bank of Belarus imposed a temporary 30% fee on the purchase of foreign currency by legal entities and individuals. This decision was made in view of the increased demand for dollars and euros in the domestic market.

In addition, all the major banks are introducing fixed-term safeguarded savings deposits with the mechanism for indexing ruble savings when the exchange rate of the Belarusian ruble fluctuates. According to the National Bank, these measures will help balance the foreign exchange market and prevent the growth of speculative sentiments.