Restrictions on long-term loans for investment projects lifted in Belarus

Belarusian enterprises can now take out long-term foreign currency loans for investment projects. This is stipulated in a Resolution of the Board of the National Bank of Belarus dated 1 February 2013.
The document amends an earlier Resolution adopted as a measure of prompt response to streamline lending practices, and was aimed at curbing the excessively high rates of growth of corporate lending in foreign currency in the second half of 2012. Keeping in mind the country’s social and economic program for 2011-2015, taking note of the address of the Council of Ministers of Belarus, it is necessary to secure availability of credit resources in the national and foreign currency to finance investment projects including those aimed at the modernization of certain economic sectors. “In this respect, the recent Resolution introduces an amendment to keep restrictions in place only for short-term foreign currency lending,” the central bank said.