Belarus - Raiffeisen Bank International AG

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9.2. Legal & Foreign Exchange Regulations 28 Current Accounts • Corporate customers may open more than one current account in local currency and in any foreign currency. Domestic Payments • Any payment in local currency from one bank to another bank is processed by Belarusian Interbank Settlement Center. All domestic payments must contain the payment title (purpose of payment). All payments are performed to the day. • Domestic payments no more than 50 mln. BYR (LCY) execute by STP (straight-through-process). Foreign Payments • Any payment in a foreign currency is treated as a cross-border payment and is sent through correspondent banks because there is no clearing center for foreign currency in Belarus. All incoming and outgoing cross-border payments must have a payment title (purpose of payment) and correspond to foreign exchange regulations. Foreign payment terms are regulated according to the decree 178 (27.03.2008) of the President of the Republic of Belarus. Cash Payments / Withdrawals • Cash payments between corporates (entrepreneurs) are restricted to definite purpose and amount.
9.3. Clearing Mechanisms Settlement • Description: Automated System of Interbank Settlements (ASIS):a real-time gross settlement – Belarus Interbank Settlement System (BISS). All payments in local currency are settled through the BISS. • Transaction value: Same day • Settlement cycle: BISS works with payments from 8:30 till 16:30 Clearing Membership of the Bank Mandatory for all banks. 29
Page 1 and 2: Financial Market Report Belarus In
Page 3 and 4: The Belarusian Financial Market Imp
Page 5 and 6: The continuation of expansive polic
Page 7 and 8: The general view is that representa
Page 9 and 10: Forming a limited liability company
Page 11 and 12: 3. Taxation and Legislation VAT The
Page 13 and 14: Profit tax in a number of areas of
Page 15 and 16: Special tax regimes Unified tax on
Page 17 and 18: 4. Privatization Roughly 75 per cen
Page 19 and 20: The arbitration clause of the Inter
Page 21 and 22: Who can apply? All natural persons
Page 23 and 24: 7. Risk Mitigation and Finance Guar
Page 25 and 26: Investment of €100 Austrian Compa
Page 27: 8. Payment and Account Services at
Page 31 and 32: 10. Your International Business Spe
Page 33 and 34: Notes 33
Page 35 and 36: Notes 35

Belarus - Raiffeisen Bank International AG

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