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The Central Bank Explains: Now Legal Entities Have the Right to Independently Manage Their Foreign Exchange Earnings

The Central Bank clarified the situation with regard to the settlement of mutual settlements on previously completed operations carried out within the framework of the practice of selling goods (works and services) for foreign currency on the territory of the country.

Presidential Decree № PP 5177 of September 2, 2017 ‘On Priority measures for liberalizing foreign exchange policy’ prohibits payments in foreign currency for goods (works and services), except payments by international payment cards in accordance with international practice.

In cases when legal entities sell goods (works and services) in foreign currency before September 5, 2017 and return the purchased goods (works and services) from customers after this date, customers are entitled to receive reimbursement of their choice in national or foreign currency.

In the cases that the proceeds from the sale by legal entities of goods (works and services) in foreign currency received before September 5, commercial banks carry out crediting to accounts and the transfer of funds under previously concluded contracts between legal entities.

For example, agreements between agents and subagents on the sale of air tickets for foreign currency.

Currency proceeds from the sale of goods (works and services), regardless of the period of receipt, from September 5 is not subject to compulsory sale.

Legal entities have the right, at their own discretion, to dispose of their own foreign exchange earnings (export earnings) and without any restrictions to use them to pay current international payments, and, if necessary, sell on the foreign exchange market in volumes at their discretion.
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