Since July 9, regulation of prices in carrying out bank transaction involving precious metals and precious stones has been lifted in Belarus
Since July 9, 2017, administrative regulation of prices in carrying out bank transactions involving precious metals and precious stones has been lifted in Belarus. This measure is stipulated by Resolution of the Board of the National Bank No. 248 dated June 23, 2017, which was taken within implementation of Edict of the President of the Republic of Belarus No. 108 "On Amending Edict of President of the Republic of Belarus" dated April 6, 2017. This Edict, in particular, provides for an exclusion of regulation of prices for precious metals and precious stones from the National Bank’s functions.
At present, there is a stable and competitive structure of the banking market of precious metals and precious stones in Belarus, the participants of which are the National Bank and 12 out of 25 Belarusian banks. The current order of setting prices in the banking market ensures the level of market prices for precious metals and precious stones, which, on the whole, is in line with the level of prices in the international market.
Under such conditions, there is no need in the top-down regulation of such prices and its lifting will not cause any runups in prices or price distortions.
In addition, lifting of price setting regulation in this area will ease administration of banking activities and contribute to lowering costs of the National Bank and banks.
The resolution also specifies the order of accounting of banking transactions involving precious metals and precious stones in more detail.