A Presidential Decree “On measures to further accelerate the deep processing of copper raw materials in the republic” (Decree No. 77 of February 19, 2024) has been adopted.
According to the Decree, it is permitted to make 25 percent of payments for copper raw materials purchased through exchange trading in the form of an advance, while the remaining 75 percent should be paid within 90 days after receiving the copper raw materials.
At the same time, the amount of payments subject to installment payment for each day of providing the opportunity to pay in installments for copper raw materials is established in the following amounts:
– for payments made within 30 days, no interest is calculated;
– for payments made from the 31st day within 60 days, interest is calculated at a rate of 50 percent of the Central Bank’s base rate;
– for payments made from the 61st day within 90 days, interest is calculated at the Central Bank’s base rate.
The Decree comes into force on April 1, 2024, and its requirements do not apply to contracts concluded before April 1, 2024.
