MINSK, Aug. 3 (Xinhua) -- Belarusian enterprises are no longer required to sell their foreign exchange earnings, local media reported.
The new rule, aimed at liberating foreign currency markets and stimulating business activity, came into force this week under a presidential decree.
Belarusian exporters had to sell part of their foreign exchange earnings to ensure a guaranteed foreign exchange offer. The maximum standard was 50 percent. In previous years, the amount of mandatory foreign currency sales in the country was consistently reduced.
Before the decree was signed, Belarusian companies were required to sell 10 percent of their foreign currency proceeds, but they had been voluntarily selling about 50 percent, driven by their demand for Belarusian rubles.
