Ban on Currency Peg on Lease: for Sure
The Law has been officially published, providing for the possibility of setting rent only in Belarusian rubles.
TOP 3 facts to pay attention to:
- The ban is extended to leasing to individuals
This means that in addition to the ban on lending to individuals in foreign currency, a restriction is also imposed on leasing in foreign currency, which was quite common in car leasing.
- The ban applies to the lease of both movable and immovable property.
The lease of equipment, vehicles, etc., must be expressed only in BYN, as well as the lease of real estate.
- The ban also applies to leases where one of the parties to the agreement is a foreign organization.
The previous restriction for 2022-2024 did not affect, for example, cases where the tenant is a representative office of a foreign organization. Now, in case of lease and applicable Belarusian law, representative offices of foreign organizations must also use Belarusian rubles as the currency of the contract.
The restrictions apply from January 1, 2025.
REVERA's lawyers are ready to assist in bringing previously concluded contracts in line with the new Law.
Author: Aliaksandr Antonau
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