The basic rules for conducting foreign exchange transactions are c. The concept and rules for the implementation of foreign exchange transactions

For implementation currency transactions the resident must provide the bank with certain documents and information to confirm the legitimacy of these transactions. A list of documents and information for each operation can be found in the table.

Operation and type of currency

List of documents and information

Transfer to a transit currency account

Option 1:

Option 2:
1. order to write off funds from a transit currency account ()

- about the unique number of the contract (if the operation is carried out under a contract accepted for accounting)
- about the operation type code

note: when choosing Option 2, documents related to transactions 1 must be submitted by a resident to the Bank no later than 15 business days after the date of transfer of funds to a transit currency account

Withdrawal from the current account in foreign currency

1. application for the transfer of foreign currency ()
2. documents related to operations 1
3. information about foreign exchange transactions 2:
- about the unique number of the contract (if the operation is carried out under a contract accepted for accounting)
- about the expected time of repatriation 3:
- (if implemented advance payment under an import contract accepted for accounting),
- about the code of the type of operation (at the request of the client)

Crediting to the current account in the currency of the Russian Federation

1. documents related to the conduct of transactions 1 (if the transaction is carried out under a contract accepted for accounting)
2. information about currency transactions 2 :
- about the unique number of the contract (if the operation is carried out under a contract accepted for accounting)
- on the transaction type code (in case of disagreement with the transaction type code specified by the non-resident in settlement document for the crediting transaction, or if there is no transaction type code in the settlement document for the crediting transaction)

Withdrawal from the current account in the currency of the Russian Federation

1. payment document for the operation
2. documents related to operations 1
3. information about foreign exchange transactions 2:
- about the unique number of the contract (if the operation is carried out under a contract accepted for accounting)
- about the expected timing of repatriation 3
- (if implemented advance payment under an import contract accepted for registration).

Notes on the list of documents and information

Form of submission to the bank of the settlement document for the transaction

The settlement document for the operation is an instruction to transfer funds provided for. It contains before the text part in the "Purpose of payment" variable the code of the type of transaction, which corresponds to the name of the type of transaction specified in Appendix 1 to Instruction No. 181-I, as well as information in documents related to the conduct of transactions.

Information about the transaction type code is indicated in the following format:
(VO<код вида валютных операций>}.

Indentation (spaces) inside curly braces is not allowed. The symbol "VO" is indicated in capital Latin letters (for example, (VO11100)).

Settlement document for the operation not compiled or presented resident in the following cases:

• when collecting funds in favor of a non-resident in accordance with the legislation of the Russian Federation;
• in case of direct debiting of the settlement account with the consent of the resident (acceptance, including acceptance given in advance);
• when writing off the currency of the Russian Federation in favor of an individual - a non-resident of pensions, compensations, allowances and other payments in cases established by the legislation on pension provision and insurance;
• when carrying out transactions using bank cards;
• when carrying out operations related to settlements under a letter of credit.

Grounds on which a bank may refuse to accept a settlement document for a transaction

• Lack of information about the transaction type code in the settlement document for a resident transaction (clause 16.1.1 of Bank of Russia Instruction No. 181-I dated August 16, 2017).
• Inconsistency between the code for the type of transaction indicated in the settlement document and the information in the documents submitted by the resident related to the conduct of this transaction (clause 16.1.2 of the Bank of Russia Instruction No. 181-I dated August 16, 2017).
• If the expected terms of repatriation of foreign currency and (or) currency Russian Federation exceed the date of completion of the fulfillment of obligations under the contract, specified in the statement of bank control; (Clause 16.1.1 of Bank of Russia Instruction No. 181-I dated August 16, 2017).
• Non-compliance with the procedure established by the Bank of Russia Instruction No. 181-I dated August 16, 2017 for filling out and submitting the relevant documents and information by a resident (clause 16.1.5 of the Bank of Russia Instruction No. 181-I dated August 16, 2017).

"Financial newspaper", N 35, 2000

Russian currency legislation contains a significant amount of legal norms governing the procedure for conducting foreign exchange transactions legal entities- residents. At the same time, in a number of cases, the legislation does not expressly enshrine the possibility of conducting certain currency transactions by resident individuals engaged in entrepreneurial activities without forming a legal entity (hereinafter referred to as individual entrepreneurs) or the need to apply regulatory legal acts in relation to them in the field of foreign exchange. regulation and currency control. Therefore, in the practice of applying currency legislation, a number of questions often arise, which we will try to answer on the pages of the newspaper.

Is it necessary for individual entrepreneurs to issue passports for export (import) transactions in case of concluding agreements with non-residents on the export (import) of goods?

In accordance with clause 1 of the Regulations of the Bank of Russia and the State Customs Committee of Russia of December 22, 1999 N 101-P and N 01-23 / 32005 "On the application of the Instruction of the Bank of Russia and the State Customs Committee of Russia "On the procedure for exercising currency control over the receipt of export proceeds into the Russian Federation goods" of October 13, 1999 N 86-I and N 01-23 / 26541 (respectively)" this Instruction applies to transactions concluded between residents (legal entities or individuals engaged in entrepreneurial activities without forming a legal entity) and non-residents and providing for settlements in whole or in part in foreign currencies and / or in the currency of the Russian Federation for exported by a resident (including to pay off debt former USSR and the Russian Federation, as well as against government loans provided by the Russian Federation foreign countries) goods that are placed under the customs regime of export. According to the preamble of the Instructions of the Bank of Russia and the State Customs Committee of Russia dated July 26, 1995 N 30 and N 01-20 / 10538 "On the procedure for exercising currency control over the validity of payments in foreign currency for imported goods", its effect applies to legal entities - residents of the Russian Federation, regardless of organizational - legal form. Thus, individual entrepreneurs need to issue passports for export transactions in the event of concluding agreements with non-residents on the export of goods. Registration of passports of import transactions in case of conclusion individual entrepreneurs contracts with non-residents on the import of goods are not required.

Are authorized banks required to open deposits for individual entrepreneurs in the amount of rubles transferred for the purchase of foreign currency to make advance payments under contracts for the import of goods?

The obligation for authorized banks to open deposits for residents in the amount of rubles transferred for the purchase of foreign currency for making advance payments under contracts for the import of goods is established by clause 3 of Directive of the Bank of Russia dated 03.22.1999 N 519-U (as amended on 03.24. .1999) "On the procedure for the purchase by legal entities - residents of foreign currency for rubles in the domestic foreign exchange market of the Russian Federation for the purpose of making payments under contracts for the import of goods into the Russian Federation". In accordance with the preamble of this Directive, its effect applies to cases of purchase of foreign currency for rubles on the domestic foreign exchange market of the Russian Federation for the purpose of making payments under contracts for the import of goods into the Russian Federation only by resident legal entities. Instruction N 519-U does not apply to the purchase of foreign currency by individual entrepreneurs. Thus, individual entrepreneurs have the right to purchase foreign currency in order to make advance payments under contracts for the import of goods without depositing the amount of rubles transferred for the purchase of foreign currency.

Should an authorized bank, when opening a current currency account for an individual entrepreneur, simultaneously open a transit currency account and a special transit currency account for him? What is the mechanism for the mandatory and reverse sale of foreign currency received in favor of an individual entrepreneur?

The procedure for opening transit foreign currency accounts by authorized banks to their customers is established by Instruction of the Bank of Russia dated 06/29/1992 N 7 (as amended on 06/18/1999) "On the procedure for the mandatory sale by enterprises, associations, organizations of a part of foreign exchange earnings through authorized banks and conducting operations in the domestic foreign exchange market of the Russian Federation. Based on the preamble of this Instruction, its effect applies exclusively to resident legal entities. The procedure for authorized banks to open special transit currency accounts for their customers is established by Bank of Russia Ordinance No. 383-U dated October 20, 1998 "On the procedure for resident legal entities to purchase and resell foreign currency in the domestic foreign exchange market of the Russian Federation." According to the preamble of this Ordinance, its effect also extends exclusively to resident legal entities. Thus, when opening a current currency account for an individual entrepreneur, an authorized bank does not need to simultaneously open a transit and a special transit currency account. Since the partial mandatory sale of foreign currency is carried out from a transit currency account, and its resale - from a special transit currency account, the procedure for mandatory and resale does not apply to individual entrepreneurs.

Is an individual entrepreneur entitled to transfer funds from his current currency account opened with an authorized bank to a current currency account opened for him as an individual in the same or another authorized bank? What documents need to be submitted for such a transfer?

The transfer of foreign currency from a foreign currency account of a person opened in an authorized bank to a foreign currency account of the same person in the same or another authorized bank is not a foreign exchange transaction, since there are no signs of a foreign exchange transaction contained in paragraph 7 of article 1 of the Law of the Russian Federation dated 09.10 .1992 N 3615-1 (as amended on December 29, 1998 N 192-FZ) "On currency regulation and currency control". Therefore, in this case, in order to transfer foreign currency, it is sufficient to submit an instruction to the authorized bank for the transfer of foreign currency.

Is an individual entrepreneur entitled to withdraw (credit) foreign currency in cash from (to) his (his) currency (currency) account (account) opened (opened) in an authorized bank?

The current currency legislation of the Russian Federation, including the regulations of the Bank of Russia, does not contain restrictions on depositing (withdrawing) foreign currency in cash to (from) currency (currency) accounts (accounts) opened (opened) in authorized banks in the name of individual entrepreneurs.

Can an individual entrepreneur acting as a partner under a simple partnership agreement transfer part of the export foreign exchange earnings received from a non-resident in favor of another individual entrepreneur - a partner in accordance with a simple partnership agreement?

In accordance with subparagraph "e" of paragraph 10 of article 1 of Law N 3615-1 (as amended on December 29, 1998 N 192-FZ), settlements in foreign currency between resident comrades under a simple partnership agreement are currency transactions related to the movement of capital. According to clause 2, article 6 of this Law, as well as clause 4, section II of the Basic Provisions on the regulation of foreign exchange transactions on the territory of the USSR, approved by Letter of the State Bank of the USSR dated 05/24/1991 N 352 (as amended on 09/02/1994) and valid in part that does not contradict the existing currency legislation of the Russian Federation, currency transactions related to the movement of capital are carried out by residents with permission from the Bank of Russia. At the same time, a simple partner, to whose account the export currency earnings were received, has the right to sell it and, on the basis of paragraph 1 of article 2 of Law N 3615-1, transfer the currency of the Russian Federation in favor of another simple partner.

How can an individual entrepreneur obtain permission from the Bank of Russia to conduct foreign exchange transactions related to the movement of capital?

At present, consideration of the issue of the possibility of issuing permits from the Bank of Russia falls within the competence of the Currency Control Department of the Bank of Russia. When applying to the Currency Control Department, legal entities submit documents, an approximate list of which is established by the Letter of the Bank of Russia dated 06.10.1995 N 12-524. From the established list of documents, individual entrepreneurs submit those documents that correspond to their status as individual entrepreneurs. In addition to these documents, individual entrepreneurs submit a document corresponding to their status as an individual (copy of a passport). At the same time, an exhaustive list of documents that residents must submit to the Bank of Russia Currency Control Department in order to consider the issue of the possibility of obtaining the above-mentioned permits has not been established by law.

currency board

Main Department of the Bank of Russia

Currency transactions are all transactions that are associated with the transfer of rights to currency values. In addition, the legislation of the Russian Federation also includes the maintenance of ruble accounts of non-residents by domestic financial institutions as currency transactions.

Implementation of foreign exchange transactions and their types

The procedure for organizing foreign exchange transactions in the Russian Federation is determined by the provisions of the Federal Law “On Foreign Exchange Regulation and Foreign Exchange Control”. This law provides that in Russia the implementation of foreign exchange transactions is available to both financial and credit institutions and participants in foreign economic trade relations.

Operations in foreign currency are divided into 2 groups:

• current - the provision of loans for a period of six months and international transfers (settlements with suppliers, payment of salaries, alimony, interest on a loan, income from deposits, investments and other transactions related to the movement of capital).
• related to the movement of capital - portfolio and direct investments, loans for a period of 6 months or more, other foreign exchange transactions that are not included in the current group.

The implementation of current currency transactions by residents is possible without any special restrictions. But there are limits on the export of foreign currency from the country.

Implementation of foreign exchange transactions associated with the movement of capital, is carried out taking into account the requirements. The latter strictly controls the export of capital from the country, issuing permission to organize foreign exchange transactions of this kind only to domestic banks with the appropriate license.

When carrying out foreign exchange transactions, financial institutions are required to insure imported and exported valuables against all possible risks that may occur along the way between the cash desk of a domestic bank and the vault of a foreign credit institution.

Organization of currency transactions

As we have already noted, the principles for the implementation of various kinds of foreign exchange transactions in the Russian Federation, as well as the procedure for their organization, are regulated by federal law. Organization of currency transactions primarily assigned to commercial banks, which in their activities are guided by the instructions of the Bank of Russia.

The procedure for organizing foreign exchange transactions (transportation, importation, transfer of foreign currency), as well as the conditions and possibility for Russians to open accounts in non-resident banks - all this is determined normative documents Central Bank of Russia. It also sets limits on open currency positions of authorized banks - the ratio between liabilities and claims of financial institutions in foreign currency.

The organization of foreign exchange transactions, accompanied by a violation of the norms and requirements of the Central Bank of the Russian Federation, is punishable by financial sanctions - impressive fines.

Of fundamental importance is the legislative differentiation of foreign exchange transactions into two main types:

current currency transactions;

currency transactions associated with the movement of capital.

Current foreign exchange transactions are:

• a) transfers to the Russian Federation and from the Russian Federation of foreign currency for settlements without deferred payment for the export and import of goods, works and services, as well as for settlements related to crediting export-import operations for a period not exceeding 180 days;
• b) obtaining and granting financial loans for a period not exceeding 180 days;
• c) transfers to the Russian Federation and from the Russian Federation of interest, dividends and other income on deposits, loans and other transactions related to the movement of capital;

r) non-commercial transfers to and from the Russian Federation, including transfers of amounts wages, pensions, alimony, inheritance, and other similar operations.

Currency transactions related to the movement of capital:

• a) direct investment, i.e. investment in authorized capital enterprises in order to generate income and obtain rights to participate in the management of the enterprise;
• b) portfolio investment, i.e. purchase of securities;
• c) transfers in payment of the right of ownership to buildings, structures and other property, including land and its subsoil, attributable under the legislation of the country of its location to real estate, as well as other rights to real estate;

r) granting and receiving a deferred payment for a period of more than 180 days for the export and import of goods, works and services;

• e) provision and receipt of financial loans for a period of more than 180 days;
• f) all other currency transactions that are not current currency transactions.

The division of foreign exchange operations into two types is a tribute to their influence on economic processes.

Current operations are aimed at servicing export-import trade operations (payment for them, including obtaining loans for these purposes), as well as ensuring the movement of foreign exchange funds of citizens working or living abroad (pensions, transfers, etc.).

Currency transactions associated with the movement of capital, as the name implies, means the investment of Russian capital in a foreign economy, as well as the import of foreign capital into the country. Both processes can have negative consequences for the domestic economy (both in the form of capital flight and in the form of foreign control over various areas national economy).

As a consequence, residents carry out current currency transactions without restrictions, and transactions of the second type are subject to fairly strict control by the state, represented by its relevant authorities.

The Law on Currency Regulation and Currency Control defines the concept of "authorized banks", which means banks and other credit institutions that have received licenses from the Central Bank of the Russian Federation to conduct foreign exchange transactions. Licenses to conduct foreign exchange transactions are issued commercial banks and other credit institutions, as a rule, one year after the start of their work. The purchase and sale of foreign currency in the Russian Federation is carried out only through authorized banks. Foreign currency purchase and sale transactions can be carried out both directly between authorized banks and through currency exchanges.

Foreign currency purchase and sale transactions concluded in violation of these norms are invalid.

currency restrictions. Currency restrictions mean legislative or administrative prohibition, limitation or regulation of operations of residents and non-residents with currency and other currency values. Currency restrictions contribute to the redistribution of currency values ​​in favor of the state or large entrepreneurs. The introduction of currency restrictions can be dictated by both economic and political motives. On the whole, the minimization of state intervention in foreign exchange relations, the development of economic freedom always means a reduction in foreign exchange restrictions.

The legislation of foreign countries knows many varieties of currency restrictions, which include, for example:

centralization of foreign exchange transactions in central banks;

licensing of foreign exchange operations;

full or partial blocking of foreign currency accounts;

mandatory sale of foreign exchange earnings of exporters in whole or in part to the central or authorized banks;

restrictions on the convertibility of currencies, etc.

Currency restrictions can be applied both to current foreign exchange transactions and to transactions related to the movement of capital.

Legislative restrictions on operations with currency values ​​are one of the forms of the monetary policy of the Russian Federation. One of the objects of currency restrictions is the currency rights of enterprises and the population.

Thus, the activities of exporting enterprises were regulated in the 1990s with the help of export licenses, as well as export-import tariffs. Export licenses are seen as a means of deterring the export of raw materials and fuel from the country. And import tariffs - as a means to reduce the competition of foreign goods against goods produced by domestic industry.

One of the foreign exchange restrictions is the mandatory sale of a part of export foreign exchange earnings in the domestic market.

In the process of carrying out the movement of capital and loans, Russian enterprises have the right to buy securities and receive loans abroad only with the permission of the Central Bank of the Russian Federation.

With regard to individuals, the currency restriction is a ban on the export, import and transfer abroad by Russian citizens of cash national currency in excess of 100 million rubles. The export of foreign currency in excess of 500 US dollars is allowed if there is a certificate from an authorized bank.

One of the important currency restrictions is the official prohibition of the circulation and use of foreign currencies as a means of payment. Since January 1993, the sale of goods, works and services to citizens in the territory of Russia for foreign currency is allowed only to shops licensed by the Central Bank, which determines the list of goods and services sold. This measure is aimed at combating the "dollarization" of the economy.

As a certain easing of foreign exchange restrictions, one can name the right granted to citizens to open foreign currency accounts in banks, as well as to sell and buy foreign currency at exchange offices of authorized banks. Foreign firms and citizens (non-residents) are allowed to open accounts in rubles in Russian banks, which is a form of admission of non-residents to the domestic foreign exchange market of Russia.

In the process of developing the foreign exchange market in the country, a search began for optimal options for distributing foreign exchange earnings from foreign economic operations between the state and specific enterprises that own export products. The form of such distribution was the legislative establishment of the mandatory sale of a part of foreign exchange export earnings in the domestic foreign exchange market.

In subsequent years, a number of legal acts were adopted that introduced significant changes in the regulation of the issue under consideration. To date, the main legal act on this issue is

Instruction of the Central Bank of June 29, 1992 N 7 "On the procedure for the mandatory sale by enterprises, associations, organizations of a part of foreign exchange earnings through authorized banks and operations in the domestic foreign exchange market of the Russian Federation" (approved by order of the Central Bank of June 29, 1992 N 02- 104 A) (as amended and supplemented on September 15, December 31, 1992, June 28, 1993, April 5, June 21, July 29, 1994, June 16, 26, 1995, July 17, 1997 ., September 11, December 7, 31, 1998, January 13, June 18, 1999).

Let's note the most important points of the specified legal act:

• 1. Enterprises, regardless of their form of ownership, including enterprises with the participation of foreign investments, carry out the mandatory sale of 50 percent of foreign exchange earnings from the export of goods (works, services) on the domestic foreign exchange market of the Russian Federation.
• 2. Sale is carried out through authorized banks at the market rate of the ruble.
• 3. In the event of a mandatory sale, enterprises may sell foreign currency through authorized banks on the interbank currency exchanges, as well as, in agreement with the Foreign Operations Department of the Bank of Russia, to the Foreign Exchange Reserve of the Bank of Russia.
• 4. The instruction contains a list of foreign currency receipts from non-residents that are not subject to mandatory sale. It includes, in particular:

receipts as contributions to the authorized capital, as well as income received from participation in the capital;

receipts in the form of attracted loans, deposits, deposits, as well as amounts received in repayment of loans (deposits, deposits), including accrued interest;

receipts in the form of donations for charitable purposes;

other receipts.

5. A procedure has been established for the mandatory sale by enterprises of a part of export earnings. It can be presented in the following, somewhat simplified form.

All receipts of enterprises in foreign currency shall be credited to their foreign currency accounts in authorized banks in the Russian Federation, unless otherwise permitted by the Central Bank of the Russian Federation.

Each enterprise opens two parallel accounts in an authorized bank:

transit currency account for crediting the full amount of receipts in foreign currency;

a current currency account to account for the funds remaining at the disposal of the enterprise after the mandatory sale of export earnings.

Thus, all foreign exchange earnings of the enterprise are credited to the transit foreign exchange account. On behalf of the enterprise, 50 percent of foreign exchange earnings are sold on the domestic foreign exchange market, and the remaining funds are transferred to the second - the enterprise's current currency account. Hence the name of the first account - transit.

As a result of the implementation of the Decree under consideration, the supply of foreign currency in the Russian foreign exchange market increases, and foreign exchange reserves of the Bank of Russia are formed. At the same time, 50 percent of export earnings remain at the disposal of enterprises and go to the formation of their foreign exchange funds. It should be noted that some legal acts establish benefits for the mandatory sale of a part of export earnings or even completely exempt from it. So, by Decree of the President of the Russian Federation of June 27, 1994 NW of the Russian Federation. 1994. No. 10. Art. 1114. Federal institutions and organizations of culture and art, cinematography, archival service, circus enterprises and organizations are exempted from the mandatory sale of a part of foreign exchange earnings.

For violation of the procedure for crediting foreign exchange earnings, business entities are subject to a fine imposed by the State Tax Service of the Russian Federation in the amount of all hidden earnings in foreign currency or the ruble equivalent of the amount of the fine. According to the Letter of the State Tax Service of the Russian Federation dated August 27, 1993 "On the application of penalties for violation of the procedure for crediting foreign exchange earnings to accounts in authorized banks of the Russian Federation", hidden revenue should be understood as revenue not credited to accounts in authorized banks, regardless of whether it is reflected in the accounting accounting for an economic entity, unless otherwise permitted by the Central Bank of the Russian Federation. Opening violations of currency transactions is possible in the process of exercising currency control.

The rules for conducting foreign exchange transactions were approved by Resolution No. 72 of the Board of the National Bank of the Republic of Belarus dated April 30, 2004, which were developed in accordance with Articles 26, 33, 277 of the Banking Code of the Republic of Belarus, Article 21 of the Law of the Republic of Belarus dated July 22, 2003 "On Currency Regulation and Currency Control » and define a unified procedure for legal entities, including banks and non-bank financial institutions, individual entrepreneurs and individuals to carry out foreign exchange transactions.

Currency transactions of Belarusian banks include settlement transactions, transactions for the purchase, sale and conversion of foreign currency, credit and deposit transactions, securities transactions, investment activities and other banking transactions in foreign currency between residents and non-residents, as well as between non-residents on the territory of Belarus.

Foreign exchange transactions that occur between residents and non-residents are divided into current foreign exchange transactions and capital transactions.

Current foreign exchange transactions include: settlements on transactions, if the period between the date of receipt of funds and the date of issue of goods does not exceed 180 days; granting and receiving credit or loan for up to 180 days; transfer and receipt of interest, dividends; non-commercial transactions. The latter include the payment of wages, benefits, inheritances, compensations and other payments that do not reflect the movement of goods.

Currency transactions related to the movement of capital include transactions for the acquisition of shares and other securities, settlements on transactions, if the period between the date of receipt of funds and the date of issue of goods exceeds 180 days, transfers for settlements for transferred real estate, as well as the provision and obtaining a loan or loan for a period of more than 180 days.

Legislation regulates the procedure for obtaining permission to conduct foreign exchange transactions and their conduct.

To carry out foreign exchange transactions, it is required to obtain a license or permission from the National Bank of the Republic of Belarus. In some cases, there is a registration procedure, work with a notification, without permission. Banks carry out foreign exchange transactions on the basis of a license.

The main among foreign exchange operations are settlement operations related to foreign trade. It is prohibited to make settlements between residents for goods and services, as well as non-commodity payments in foreign currency, except for cases specified by law.

Settlements between residents and non-residents can be made both in foreign currency and in Belarusian rubles, which is determined by the concluded agreements. In order for the bank to exercise currency control, the exporter or importer, when making FDI or receiving a payment, or offsetting counterclaims, submits an annex to the transaction passport to the bank. This appendix must contain information on the fact and conditions of foreign trade operations, as well as on the termination of obligations for the operations performed.

Estimated and cash service when making payments on imports, it is carried out after the submission of the documents necessary for the control of the bank. The bank reflects the payments made in off-system accounting.

30% of the proceeds in foreign currency received by legal entities and individual entrepreneurs are subject to mandatory sale within seven days from the date of receipt to their accounts on the basis of settlement documents submitted by the owner of the funds. In cases specified by law, the client may be exempted from the mandatory sale. If the client does not receive on time Required documents for the sale of currency or he does not provide a justification that it can not be sold, the bank carries out the sale independently.

Operations for the purchase and sale and conversion of foreign currency are carried out by legal entities and individual entrepreneurs in a bank or on an exchange through an executing bank using the purchase rate of a bank or exchange. The purchase of currency is carried out for specific purposes, provided that it is sent to its destination within seven working days.

Loans in foreign currency are provided both to residents - legal entities and individuals, and non-residents on the terms determined by local acts of resident banks. To obtain a loan by a resident in a non-resident bank, permission from the National Bank is not required if the loan term does not exceed 180 days. A longer term implies a different approach, especially if the lender is registered in a state with a preferential tax regime, the amount of the loan or loan is directed to pay the monetary obligations of the resident borrower, bypassing his bank account, or the fulfillment of obligations to repay the loan is not carried out from the borrower's account. In these cases, it is necessary to obtain permission from the National Bank.

Currency transactions related to the movement of capital, as a rule, are carried out with the permission of the National Bank.

transaction currency foreign trade