Karanovic & Nikolic

Amendments to the Foreign Exchange Law

The Serbian Parliament passed the Law on Amendments to the Foreign Exchange Law on 17 December 2012, which came into force on 25 December 2012. This briefing from Karanovic & Nikolic provides a summary of the most important provisions of the law.

The obligation to register foreign credit operations has been replaced by the obligation to report to the National bank of Serbia on the said operations. It is not entirely clear whether this change in terminology will cause actual changes in current registration practices of foreign credit operations, but regulations specifying the manner in which foreign credit operations will be reported should be passed within 6 (six) months from the date of entry into force of the Law Until that time, existing regulations, which are not inconsistent with Law, shall be applied. 

However, payment transactions under (i) financial and subordinated credit and loans in foreign currency, (ii) credit and loans granted to residents-natural persons and to a branch of a foreign legal entity by non-residents, (iii) credit and loans in RSD granted to residents (pursuant to Article 18 Paragraph 2 of the Law), may be carried out only when such transactions have been previously reported by residents to the National bank of Serbia, in accordance with the Law. Payment transactions for commercial credits and loans in foreign currency or RSD, which are for financing deferred payments and payments in advance for goods and services, granted to a debtor/buyer by a creditor for the foreign trade of goods and services, where the buyers obligation to the seller is settled directly, are carried out under the same conditions…

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