Changes To Credit Financing Service Rules For Belarusian Banks

On July 12, 2023, the President of Belarus signed Law No. 282-Z "On Amendments to Laws Regarding Banking Activities". This act comes into effect in parts and makes amendments to the Banking Code of the Republic of Belarus as follows:

• On July 12, 2023, amendments were made to the Banking Code norms that regulate credit agreements.
• On January 1, 2024, changes related to the competence of state authorities in the banking sector and requirements for bank activities will come into force.
• On January 1, 2025, norms governing reporting on banking activities and other matters will take effect.

The new provisions of the Banking Code, which address matters concerning early loan repayment, interest accrual on loans, and the specifics of credit financing to individuals, have already been enacted. The Code now includes a list of situations in which early loan repayment can occur: