September 20, 2017 / 6:30 AM / a year ago

Belarus cuts mandatory forex sales by companies to 10 pct

MINSK, Sept 20 (Reuters) - Belarus’s central bank said on Wednesday it had decided to lower mandatory sales of foreign currency revenues by local companies to 10 percent of their forex revenues from 20 percent, effective from Oct. 1, 2017.

This decision is part of the central bank’s policy of liberalising the foreign exchange market and took into account the stable situation on the forex market, it said in a statement.

Central Bank Deputy Chairman Sergei Kalechits said on Tuesday the bank should completely drop its mechanism of mandatory sales of foreign currency by local companies no later than next year. (Reporting by Andrei Makhovsky; Writing by Dmitry Solovyov; Editing by Jack Stubbs)

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