How much currency can you buy in Belarus. When the bank is forced to "report where to
On Monday, Alexander Lukashenko signed a decree that cancels the rule of buying foreign currency with a passport. Within three months, the National Bank will have to make changes to all regulations. And the decree itself will come into force after its official publication. The presidential press service explained the innovation as follows: "in order to liberalize the currency regime and the procedure for conducting currency exchange operations." Recall that we have been buying any amount of foreign currency on our passport since October 1, 2011. What is the reason for such liberalization?
Was the obligatory presentation of a passport canceled due to the fact that the Belarusian ruble became stable or people simply do not have money to buy dollars and euros? Belarusians have been net currency sellers for over a year now.
I wouldn't single out any one reason. A complex of factors influenced the abolition of this norm, - Anton Boltochko, an economist and expert of the Liberal Club, told KP. - In 2011, the mandatory sale of foreign currency by passport was introduced in order to stabilize the market. Now there is no reason to keep it. So the National Bank canceled it. There is another important factor. The National Bank is moving to the stage when the monetary policy it pursues becomes many times more complicated. When it is necessary to reduce inflation and stabilize the exchange rate, the most urgent measures are taken that work to some extent. And when it is necessary to improve the operation of the system, to make it stable, predictable, then a simple tool is no longer enough. Here it is necessary to work with the expectations, trust of business entities and individuals in order to create conditions when they will be more loyal to the existing system. And, apparently, the National Bank is starting to work in this direction. I think that soon we will see some more advanced tools related to the assessment of inflation expectations than the one that is currently used.
- Cancel the sale of currency by passport - was it not a requirement of the IMF and other international creditors?
I have not seen such requirements. Usually, large creditors work at the macro level, where other measures are important to stabilize the situation. Do not forget that such a measure as buying foreign currency with a passport existed not only in Belarus. And in those countries with which international institutions work, they also apply a similar rule. Which does not affect the cooperation between institutions and the state.
HOW ARE THEM?
Where do they buy currency with a passport, and where not?
Despite the fact that the currency will soon be sold to Belarusians without presenting a passport, this will not apply to all amounts. So, when buying a currency in the amount of more than 1,000 base units (now - 23 thousand rubles), you will need to present a passport. We decided to see in which countries and in what cases it is still necessary to present documents when buying a currency.
Russia
If you buy foreign currency for less than 40,000 Russian rubles ($705), you don't need a passport.
Ukraine
You can buy or sell currency without a passport if the amount does not exceed 150,000 hryvnia ($5,684).
Poland
You can buy or sell currency in Poland without a passport.
Lithuania
You can change currency in Lithuania without presenting a passport. But some banks may require an identity document - both when exchanging any amount, and when exchanging only large amounts. For example, Swedbank requires documents to be presented when exchanging amounts from 1,000 euros.
Kazakhstan
When exchanging, you must provide a passport if the amount exceeds 1 million tenge ($3220).
Romania
You can exchange currency for lei or vice versa buy any currency only upon presentation of a passport. And it doesn't matter what the amount is. Even your passport number is entered into the database.
Moldova
When exchanging more than 50 thousand lei ($2740), you must present your passport. But if there are suspicions that you have not quite honestly earned money, then they may ask for a passport when exchanging a smaller amount.
May 30 - Sputnik. President of Belarus Alexander Lukashenko signed a decree abolishing the identification of a citizen when buying cash currency at exchange offices of Belarusian commercial banks.
As the presidential press service explained, the decree aims to liberalize the currency regime and simplify the procedure for conducting foreign exchange transactions. The document instructs the National Bank within three months to ensure that legislative acts are brought into line with this document and take other measures for its implementation.
Based on the last two points, it is not yet completely clear how soon it will be possible to come to the exchanger to buy currency without a passport: immediately after the decree comes into force or after the National Bank has done all the legislative work.
Hard to Forget: The 2011 Crisis
Compulsory presentation of a passport by citizens when buying foreign currency was introduced in October 2011. It was in this year that a systemic financial, economic and currency crisis unfolded in Belarus.
If we recall the chronicle of events, it all started with the fact that in March 2011 the population bought on a net basis cash and non-cash currency for 700 million dollars - this was an absolute record over the past few years. At the same time, the National Bank stopped selling foreign currency to banks for its subsequent sale in exchange offices, and the foreign exchange market began to develop and the deficit of foreign currency began to grow.
In April, the regulator obliged banks to sell in exchangers the entire amount of currency that had already been handed over by the population. In the conditions of a severe currency deficit, rising inflation, and occasional minor crises in the consumer market, the National Bank at the same time introduced a free exchange rate, however, it was recommended by directive to adhere to the Belarusian ruble exchange rate in the amount of 4.5 thousand rubles per dollar.
In May, the National Bank officially devalued the Belarusian ruble, gasoline prices rose by 20%, inflation crossed the 13% barrier in just a month.
Already by June, a black market for cash currency appeared in Belarus, where the dollar exchange rate was approximately 25% higher than the National Bank exchange rate.
In fact, until September 2011, Belarus lived in a multiplicity of exchange rates. In September, restrictions on the currency corridor for commercial banks were lifted, and the rate in exchange offices increased from about 5.3 thousand to 7.8 thousand rubles per dollar.
In October, the National Bank introduced a single currency session on the BCSE, officially devalued the Belarusian ruble by 52% and eliminated the multiplicity of rates in the country.
At the same time, the population continued to actively buy foreign currency, since inflationary and devaluation expectations were high. Over the year, inflation in the country amounted to 108.7%,
Why canceled the "passport regime"?
The presidential press service, commenting on the decree on the abolition of the passport regime for the purchase of foreign currency, noted that in 2011 such a norm was introduced as part of a set of measures developed by the government and the National Bank of Belarus to achieve a single equilibrium exchange rate of the Belarusian ruble.
As financial analysts note today, a fairly stable situation has now been established in the cash foreign exchange market. The population has been a net seller of cash for many months in a row, while the volume of its sale does not change much from month to month.
According to experts, the ongoing sale of foreign currency suggests that citizens continue to spend foreign currency savings, but these "stash" is gradually coming to an end. In the context of falling real incomes, foreign exchange savings remain problematic for many citizens.
In addition, the passport regime for buying foreign currency also played an insignificant role in this. Experts believe that the decision to cancel it indicates that the authorities are confident in further stability in the foreign exchange market.
Belarus also has certain obligations within the EAEU to facilitate and simplify currency regulation, and this applies not only to enterprises and banks, but also to individuals.
Where else will they ask for a passport?
The presentation of a passport when buying foreign currency is still valid in a number of CIS countries.
So, in Russia without a passport, you can buy currency in the amount of no more than 40 thousand Russian rubles, previously the "passportless" limit was 15 thousand Russian rubles.
Let's tell you what currency is now used in Belarus and why it is called "bunnies". Separately, we will focus on exchangers and the current rate.
Belarus has its own rubles. They are similar to Russian ones only in name, and even then, locals often call them "bunnies". Where did such a diminutive name come from, and why is this currency remarkable? Let's start from afar.
From 1 2016, the ISO code for the Belarusian ruble is BYN (before that it was BYR). To determine the exact exchange rate to the Russian ruble, euro or dollar, use a special calculator.
A brief background for the most meticulous
The Belarusian currency is relatively young. Until 1991, only Soviet rubles were used in the country, but with the collapse of the USSR, the question arose of the need to create their own banknotes. The fact is that, compared with the rest of the countries of the Soviet Union, Belarus had the lowest prices for food products, and in order to prevent their mass export by foreigners, the government introduced special coupons for goods.
At first, coupons were used along with Soviet rubles, and at the end of 1992 the country switched to settlement tickets, the exchange rate of which was equal to 10 Soviet rubles. The new national currency itself at that time lay on electronic accounts and was waiting in the wings.
Some public figures first proposed to name the means of payment "thaler" - in honor of an old German coin. Sketches of banknotes and coins ("pennies") were even developed. However, in the end, only the poet Nil Gilevich supported this name, while the majority voted for a more familiar name - “Belarusian ruble” or “ruble”.
Since mid-1993, Soviet money gradually began to be withdrawn from circulation, and in 1994 the local ruble acquired the status of the only legal means for making payments on the territory of an independent state.
Where did those "bunnies" come from?
In order to move away from the political topic as much as possible, it was decided to use neutral images for the banknote design. So various animals appeared on banknotes: bison, bear, squirrel, lynx, elk, wolves, beavers and the notorious hare, thanks to which the people began to call the new money “bunnies” (hare = 1 ruble).
Animals decorated banknotes up to 100 rubles. But on larger banknotes there were images of architectural monuments.
There are no animals on the banknotes of the new sample (2011 modification), instead, the images on the banknotes are dedicated to different regions of the country. Nevertheless, Belarusians still call local money "bunnies" out of habit.
Denominations and the modern course
The currency of Belarus has gone through difficult times. If in 1992-1994. one local ruble could be purchased for 10 Soviet rubles, then in subsequent years its rate began to fall steadily under the influence of inflation.
In 1994, the Bank of Belarus carried out the first denomination of its currency 10 times. After 6 years, another denomination was required - this time 1000 times! And on July 1, 2016, a 10,000-fold denomination took place, and for the first time coins with a face value from 1 kopeck to 2 rubles appeared in everyday life. Previously, only commemorative coins were issued in the country.
Where is it better to exchange Russian rubles for local ones
Since the Belarusian ruble is a non-convertible currency, it cannot be bought outside the republic. But within the country, any currency can be freely exchanged for the national one. You can do this at exchange offices located at airports, bus stations, hotels and large shopping centers.
For the exchange procedure, a passport may be required. Receipts and checks received during the exchange should be kept: they will be required when leaving the country.
Until recently, banknotes of exorbitant denominations were heard, but these are not the largest banknotes that went on these lands. In 1923, a Polish banknote of 10,000,000 marks was used on the territory of Belarus. True, it was not at all millionaires who used it, it was possible to buy only a loaf of bread with it. It's all about the terrible inflation that hit Europe after the World War.
curiosities
Before the 2016 denomination, there were a variety of curiosities in Belarusian stores. For example, the guys took several cans of kvass. To pay, they had to empty a backpack full of banknotes. The saleswoman was clearly not ready for this!
Currency exchange services can be used at any bank. Every day, credit institutions carry out transactions for the purchase and sale of foreign currency for different amounts. The conduct of currency transactions in the territory of the Russian Federation is regulated by federal laws. Thus, the new Federal Law No. 263-FZ of 07/03/2016 amended the rules for exchanging currency without a passport.
Do I need a passport when exchanging currency in Russia
The right to buy and sell foreign money is granted to individuals both in cash and non-cash form. The law establishes a mandatory requirement for such transactions to be carried out only through authorized credit organizations - banks.
Law No. 115-FZ on combating the legalization of proceeds from crime stipulates the obligation of banks to identify the client when exchanging currency. Must be checked:
- Full name of the client;
- citizenship;
- Date of Birth
- residential address;
- details of the submitted document.
Until July 2017, a currency exchange transaction without presenting documents could be made in the amount of up to 15,000 rubles. If this amount is exceeded, a full identification procedure is mandatory, in which a questionnaire is filled out for the client, the TIN, place of work, phone number, e-mail, source of origin of money, 2-personal income tax, etc. are indicated. The provision of additional information is determined in each bank independently and is selective character.
Innovations were aimed at making transactions with cash currency more transparent, insuring financial organizations against fraudulent schemes and machinations. As a result, obvious shortcomings of the installed system appeared:
- increasing the burden on banks;
- increase in customer service time;
- the proliferation of illegal exchange points that have become preferable to official organizations;
- reducing the number of service offices and transferring customers to impersonal transactions via the Internet.
These trends and the growth of the exchange rate led to the adoption of changes in legislation in the field of currency exchange.
At the moment, when answering the question of how much currency can be bought without a passport, it is worth noting that since July 4, 2017, the amount of the ruble equivalent has been increased from 15,000 to 40,000 rubles. The changes are associated with an increase in the number of such operations carried out by banks. They made it possible to reduce the burden on bank employees, facilitating and speeding up the exchange process. The innovation contributes to the reduction of the volume of documentation drawn up during the operation. The costs of banks for processing the procedure and subsequent storage of data containing personal information of customers have been reduced.
Now, to find out how many dollars you can buy without a passport, it is enough to divide the established limit of 40 thousand rubles by the current selling rate of the bank you applied to. Today, approximately this amount is equal to 682 dollars.
When the amount of the purchased currency varies within the equivalent of 40 to 100 thousand rubles, banks have the right to apply the simplified identification procedure. In this case, you only need to present your passport.
Full identification in foreign exchange transactions
Full identification is carried out for exchange transactions for an amount exceeding 100 thousand rubles, and includes the following requirements:
- Verification of a document confirming the identity of the client. This can be a general passport, a foreign passport or a 2-P form, issued for the period of replacement of a citizen's passport. A non-resident must present a foreign passport.
- Filling out a questionnaire or financial dossier. The document is formed on the basis of data obtained from the passport. Information is entered by an employee of a credit institution independently. The client only checks the correctness and signs. You do not need to fill out the questionnaire for each exchange. If any data is changed, the employee himself will enter this information into the database. The questionnaire in paper form is stored in the bank for 5 years, and then destroyed. The exception is information entered in the electronic database.
- Evaluation of risk probability when working with a specific client. The procedure has no clear boundaries and is conditional. Risk is determined by answering questions. The decision is made by the employee evaluating the client. In fact, customers depend on the internal regulations of banks, on the basis of which a credit institution will be able to refuse to conduct a transaction.
Such a questionnaire is designed differently for each bank. Financial monitoring has developed 17 items, including information about the financial position, business reputation, business objectives, etc. On their basis, banks formulate questions for the client. The higher the potential risk of the client, the more questions he will be asked. So, the operation of exchanging a large amount of small bills can be recognized as suspicious. The Bank has the right to request information about the source of income.
It is worth noting that banks do not classify a simple exchange of a large amount as an operation requiring increased control.
Currency exchange at the bank and via the Internet
Restrictions on currency exchange do not apply to operations carried out in online systems: mobile banking, Internet banking. If you use such services, it means that you have an account or a card of this bank, upon opening of which a full identification procedure was carried out.
The amount of currency exchange without a passport is not limited when using online banking. The purchase and sale of currency via the Internet can be carried out for any amount. It is worth considering that online customers are offered a more favorable rate than at the bank office. Having exchanged a large amount through your personal account, you will only have to order it at the bank office. When using Internet banking, you don’t have to worry about the safety of large amounts.
It is worth noting the main advantages of conducting foreign exchange transactions in the bank. They can be formulated as follows:
- It is possible to purchase cash currency in the required amount. If the amount is large, it is worth ordering it in advance at the bank office or by phone. With a good exchange rate and no money at the cash desk, it is worth opening an account in the desired currency. Later, when cash appears in the office, withdraw it from the account.
- When exchanging large amounts, the bank can offer an individual rate, which will be quite advantageous compared to the general conditions.
- An exchange in a bank guarantees the security of the transaction. The client can be sure of the authenticity of the received foreign money, as well as the correctness of the calculation at the rate.
In conditions of long-term stability in the market, the registration of passport data when buying a currency has lost its relevance. Such an opinion in an interview BelaPAN said Vadim Iosub, a senior analyst at the Alpari forex broker, commenting on the presidential decree of May 29 on the abolition of this administrative measure.
The decree on the abolition of the registration of passport data when buying foreign currency testifies to the authorities' confidence in the further stability of the market. Photo 222.by
Compulsory registration of passport data was introduced in autumn 2011 "in a situation where the authorities made every effort to administratively contain the demand for currency", which steadily exceeded the offer, the expert recalled.
“Now the situation is stable. For more than a year, the supply of currency has exceeded demand, the dollar and euro rates have been declining since January 2016.”, - said Yosub.
According to him, the decree testifies to the authorities' confidence in the further stability of the foreign exchange market, and is also an indirect argument in favor of the fact that there will be no return to the old practice - the inclusion of a printing press.
Iosub agreed with the opinion that the abolition of the registration of passport data makes it difficult to control the foreign exchange transactions of citizens. “But we must not forget that any transactions worth more than a thousand basic units - now it is 23 thousand rubles - are made upon presentation of documents. It is clear that they can be divided into parts. But this decree is also a blow to the remnants of the black market, which went to citizens who did not want to "shine" their funds. Such regulatory legal acts go through a lengthy approval process, so the interests of fiscals and security officials, of course, were also taken into account. The state decided that in such a decree there would be more pluses than minuses., the analyst said.
At the same time, he stressed the lack of connection between the decree and the resumption of economic growth, which the government announced. “The Belarusian ruble became stable just in the face of a slowdown in the economy and a fall in real incomes of the population, which began to eat up foreign exchange reserves in order to maintain the previous level of consumption”, the interlocutor explained.
Decree of May 29 developed "in order to liberalize the foreign exchange regime and simplify the procedure for conducting foreign exchange transactions" and comes into force after the official publication, the presidential press service reported. The National Bank was instructed to ensure that legislative acts are brought into line with the document within three months and adopt "other measures" for its implementation.
Registration of passport data when buying foreign currency was introduced on November 9, 2011 on the basis of Presidential Decree No. 449 “On Certain Issues of Foreign Exchange Operations by Individuals” dated October 6 of the same year.
“This decree was adopted within the framework of a set of measures developed by the government and the National Bank of Belarus to reach a single equilibrium exchange rate of the Belarusian ruble,- it was said in the message of the presidential press service. - Registration of passport data of individuals will allow the formation of an interbank centralized electronic database for accounting for foreign currency sold to individuals using an automated information system of a single settlement and information space ".