Presidential decree signed to improve appraisal business in Belarus

President of Belarus Alexander Lukashenko signed Decree No. 266 on June 27, aimed at improving appraisal activities. This was reported to BELTA by the press service of the Head of State.

The document amends Decree No. 615 of October 13, 2006 "On Appraisal Activities in the Republic of Belarus". In particular, minimum charter capital amounts for appraisal organizations have been established at no less than Br50 thousand, and for expert organizations - Br100 thousand, which will serve as a guarantee of their financial stability and a potential source for compensating possible damages if necessary.

The minimum number of appraisers in each organization has also been increased from 2 to 5, and for expert organizations carrying out appraisals of appraisal reliability, additional requirements have been introduced regarding having at least two expert appraisers on staff and conducting appraisal activities for at least 6 years. This will improve the quality of services provided by leveraging collective experience.

Furthermore, to streamline the storage of appraisal reports, including for control purposes, organizations are now required to have archive premises or an archival information system.

Source: