The Bilateral Currency Swap Agreement, signed between the central banks of Belarus and China in May this year, is now being implemented.
The National Bank of the Republic of Belarus (NBRB) has just reported that it has conducted the first drawing under the agreement. The transaction is worth of CNY 1 billion, with the funds to be provided to various businesses in Belarus through servicing banks.
The aim of the funds is to finance the import of intermediate and investment goods from the People’s Republic of China.
The Bilateral Currency Swap Arrangement between the People’s Bank of China (PBOC) and the National Bank of the Republic of Belarus (NBRB) was signed on May 10, 2015, with the aim to that both countries develop cooperation in the areas of trade and economy. The arrangement provides for the disbursement of funds in the national currencies worth BYR 16 trillion and CNY 7 billion.
To view the official press release, click here.