On 16 December, Belarusian President Aleksandr Lukashenko signed Decree No. 435 “On the Banking Regulations”, the press service of the Belarusian leader told BelTA.
The document amends the list of funding sources that banks may use to cover expenses for the acquisition or modernization of fixed assets. These sources will now include funds formed from profits remaining at the disposal of banks after the payment of taxes, duties and other mandatory payments to the national and local budgets. At the same time, foreign loans are excluded from the list of sources for the acquisition or modernization of fixed assets.
The decree also stipulates that the creation and use of profit-based funds by banks shall be carried out in accordance with procedures established by the National Bank.
With the adoption of this decree, Decree No. 271 of 15 May 2008 is declared null and void.