On November 28, Minsk /BelTA correspondent/. Belarus will eliminate the mandatory sale of a portion of foreign currency earnings by enterprises by 2017, stated Deputy Prime Minister Sergei Rumas at a meeting of the House of Representatives today, as reported by a BelTA correspondent. This obligation is undertaken by Belarus in accordance with the formation of the Eurasian Economic Union (EAEU). In accordance with the EAEU agreement on coordinated principles of currency policy, Belarus must eliminate the mandatory sale of a portion of foreign currency earnings by 2017. This agreement provides Belarus with a transition period until 2017 to bring its regulatory framework into compliance with its international obligations. For Belarus, the mandatory sale of a portion of foreign currency earnings is the most sensitive issue. "There is no such concept as mandatory sale in Russia and Kazakhstan," noted Sergei Rumas. "However, considering the structure of our economy and dependence on raw material supplies, the need for almost daily currency conversion for these purposes, our partners in the Customs Union agreed with our arguments, and we have taken a moratorium until 2017. After that, we will have to make a decision on eliminating the concept of mandatory sale of a portion of foreign currency earnings." Another sensitive issue in the currency policy agreement concerns capital operations. This relates to opening accounts in banks of the Customs Union, as well as the abolition of the current permissive regime in Belarus for capital operations related to the acquisition of shares. In this regard, discussions are underway to establish a transition period for Belarus, which is necessary both for bringing national legislation into compliance with the adopted obligations and for adapting economic entities to more liberal conditions for conducting currency transactions. Initially, the Belarusian side proposed to postpone the application of these principles to our country until 2017. Partners in the Customs Union believe that three years will be sufficient for this, noted Sergei Rumas. Consultations on this issue are ongoing today, and a decision will be made within December 2011. -0-

BelTA