Kazakhstan to introduce new rules for controlling foreign exchange transactions

Tengrinews.kz - The National Bank of Kazakhstan has unveiled a draft resolution aimed at tightening control over non-resident banking operations to mitigate the risk of foreign currency speculation.

According to the document, the proposed amendments seek to reduce the reporting period for banks on their clients' foreign exchange transactions. This change is intended to ensure timely access to up-to-date market information, enabling swift analysis and, if necessary, prompt regulatory action.

Previously, banks were required to submit monthly reports by the 15th day of the following month. Under the new proposal, reports must be submitted no later than the fifth working day of the subsequent month.

Additionally, the time frame for banks to make corrections to submitted reports is expected to be reduced from one month to three days after the reporting deadline.

The draft also proposes stricter oversight of conversion operations by non-residents. This measure is aimed at verifying the sources of tenge liquidity for such transactions to prevent speculative demand for foreign currency and ensure compliance with Kazakhstan’s foreign exchange regulations.

However, foreign exchange operations conducted by non-residents using economically justified sources—such as revenue from selling goods and services to residents or receiving dividends in Kazakhstan—will continue to be processed under standard procedures.

Earlier, it was reported that the National Bank prepared a draft resolution that proposes to set the deviation limits for cash foreign currency transactions.