Exporters may not fulfill the obligation to sell 80% of foreign exchange earnings if three conditions are met

The Ministry of Finance has determined the conditions under which the sale of 80% of foreign exchange earnings by a participant in foreign economic activity is not required.

Thus, the volume of the currency required for sale can be reduced to 0% of the amount of foreign exchange earnings, while meeting three conditions:

  1. a resident is simultaneously a party to export and import contracts concluded with the same non-resident or with different non-residents;
  2. the export contract, under which the currency was received, and the import contract, for the fulfillment of obligations under which it is planned to send the currency received under the export contract, are registered with one authorized bank and / or settlements under the export and import contracts of the resident are made through accounts opened in one authorized bank;
  3. write-off of foreign currency in favor of a non-resident under an import contract is made from the resident’s transit currency account, to which the currency was previously credited under the export contract, in the amount of the amounts of forthcoming payments for the fulfillment of obligations under the import contract.

The exemption from fulfilling the obligation to sell foreign exchange earnings if these conditions are met is valid until September 1, 2022.