National Bank of Kazakhstan tightens currency controls amid new reporting rules
The National Bank of Kazakhstan has implemented new currency control rules effective April 19. Banks must now report foreign exchange transactions exceeding specific thresholds. This move aims to enhance oversight even as businesses and individuals adjust to the changes.
New Reporting Requirements
Under the new rules, banks and non-resident bank branches in Kazakhstan must submit monthly reports to the National Bank. These reports will include foreign exchange transactions that meet set thresholds. For legal entities, transactions over $50,000 must be reported, while for individuals, the threshold is $10,000. Additionally, non-cash foreign currency transactions over $1,000 must also be reported.
Payment Documentation Changes
The rules also specify the procedure for documenting payments under foreign exchange contracts. Contracts assigned a registration number must have this number included in payment documents. Banks will verify the presence of these details, and if incorrect or missing, the transaction may be paused. If a transaction cannot be identified within 180 days, the funds will be returned to the sender.
What's Next
The new rules will take effect on April 19, with banks required to comply immediately. It remains uncertain how businesses and individuals will adapt to these stringent reporting requirements.
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National Bank of Kazakhstan tightens currency controls amid new reporting rules
