+7 (777) 001 44 99
Қазақша
Русский
English
Қазақша
Русский
English
ПОДЕЛИТЬСЯ
Tengrinews.kz - New limits for deviations between the rates of purchase and sale of currency at exchange offices will be established in Kazakhstan. According to the draft, it is proposed to establish limits for deviations between the purchase rate and the sale rate of cash foreign currency for transactions carried out through exchange offices: for the dollar - 7 tenge, for the euro - 10 tenge. What will change for Kazakhstanis - we talked about this with the head of The Association of Exchange Offices of Kazakhstan Archin Galimbaev.
Tengrinews.kz - New limits for deviations between the rates of purchase and sale of currency at exchange offices will be established in Kazakhstan. According to the draft, it is proposed to establish limits for deviations between the purchase rate and the sale rate of cash foreign currency for transactions carried out through exchange offices: for the dollar - 7 tenge, for the euro - 10 tenge. What will change for Kazakhstanis - we talked about this with the head of The Association of Exchange Offices of Kazakhstan Archin Galimbaev.
Restriction of speculation
As the expert noted, the establishment of limits for deviations between the purchase and sale of cash foreign currency is practiced only in Kazakhstan.
"As far as I know, there is nothing like this anywhere else in the world. It is proposed to limit the limit to 7 tenge per dollar, and 10 tenge per euro. Based on current rates, this is slightly less than 1.5% per dollar, and slightly less than 2% per euro. I would say that this will not greatly affect the work of exchange offices. For exchange offices, let's say, this is not critical. At the moment, the difference between buying and selling is significantly lower. If we take Almaty, this is 3-4 tenge per dollar and basically the same for euros. So I do not see any unfavorable news in connection with the introduction of the limit. We worked with deviation limits of 2 tenge. Again, this was introduced by the National Bank in order to exclude speculation in the currency market," said Archin Galimbaev.
Will exchange offices win or lose?
It should be noted that in 2022, the National Bank raised the exchange rate difference limit to 15 tenge per dollar and 20 tenge per euro. However, as the expert noted, today, exchange offices have no restrictions on setting exchange rate limits.
"At the moment, we have no restrictions at all. That is, at the moment, exchange offices can, relatively speaking, set the purchase of a dollar at 400, the sale at 600. That restriction (15 tenge per dollar and 20 tenge per euro) was canceled. As of the current date, there is no restriction. Absolutely," Galimbaev said.
He also added that market laws apply to the currency exchange market.
"This is a completely competitive market that does not need to be suppressed by administrative methods introduced by the National Bank. We are now self-regulating at the level of the difference of 2-3 tenge between the purchase and sale of a dollar," the speaker says.
How will this affect Kazakhstanis?
The innovation will only affect the cash currency market and exchange offices, both banking and non-banking. At the same time, Kazakhstanis will hardly notice any difference when exchanging currencies, they say in the Association of Exchange Offices of Kazakhstan.
"You will hardly notice it. Now, in the absence of regulation of deviations, the difference in the exchange rate in exchange offices is 3-4 tenge, and this is taking into account the fact that now there are no limits at all. We now see figures much lower in the difference between purchase and sale than it could be," Archin Galimbaev summed up.
Earlier, Archin Galimbaev commented on how Kazakhstanis reacted to the change in the national currency rate.
