Belarus to Cut Currency Trade Fee in Half: National Bank

Due to the growing demand on foreign currency on the domestic currency market, Belarus temporarily implemented a 30 percent commission on foreign currency exchange.

MOSCOW, January 5 (Sputnik) — The National Bank of the Republic of Belarus announced Monday it would halve foreign currency exchange commissions from 20 percent to 10 percent on January 5 for legal entities and on January 6 for individuals.

“The commission charged on foreign currency purchase by the individuals will be decreased to 10% on January 6, 2015. The management board of the National Bank made this decision taking into account the tax decrease on transactions in stock exchanges that came in force on January 5 and the 7% change in the official exchange rate of the Belarusian ruble to [US] dollar based on trading results on the Belarusian Currency and Stock Exchange from January 5,” the National Bank of the Republic of Belarus said in a statement.

The National Bank of Belarus stressed that the situation on the country’s currency market remained stable, currency exchange operations were being conducted normally and that most of the currency exchanges were supplied with enough cash. According to the National Bank statement, currently Belarusian entities and individuals are selling more foreign currency then buying it.

On December 19, “taking into account the growing demand on foreign currency on the domestic currency market,” Belarus temporarily implemented a 30 percent commission on foreign currency exchange. Belarus Deputy Finance Minister Maxim Ermolovich said that the measure will bring additional $455 million to the country’s budget.

On December 29, the National bank decreased the commission by 10 percent.