Tengrinews.kz — National Bank Chairman Timur Suleimenov announced plans to scrap the requirement for quasi-public sector entities to sell 50 percent of their foreign currency earnings on the domestic market.
He made the statement during a briefing on stimulating and developing the digital assets industry. The National Bank chief noted that the requirement was an anti-crisis measure introduced during a period of high volatility in the foreign exchange market.
"As you know, as part of the anti-crisis measures last year when we saw significant fluctuations, we mandated quasi-public sector entities to sell 50 percent of their foreign exchange earnings on the domestic market," Suleimenov said.
The head of the National Bank stated that the regulator, in coordination with the Government, plans to lift this measure as early as next week.
"This was an anti-crisis response measure. We plan to cancel it next week," Suleimenov declared.
According to him, the abolition of the mandatory sale of foreign currency proceeds should not significantly affect the balance of supply and demand in the FX market.
"It will not fundamentally affect the balance of supply and demand because these companies sell part of their revenue anyway: their domestic expenses are incurred in tenge," the National Bank Chairman explained.
He emphasized that the decision is tied to the changing economic situation.
"Why did we decide to do this? Because the measure was used for anti-crisis purposes. Currently, there is no crisis, the tenge is stable, the state of the economy is sufficiently steady, and the balance of payments is in order. Therefore, this measure can be suspended," Suleimenov said.
At the same time, according to the central bank head, such a tool remains in the regulator's arsenal.
"It is always in our toolkit," he added.
Context
In November 2024, the National Bank announced the reinstatement of the 50 percent mandatory foreign currency sale requirement for quasi-public sector entities. At the time, the regulator explained the move was necessary to improve market balance amid rising demand for foreign currency.
This rule had been suspended previously. In August 2023, it was reported that the Government had suspended the 30 percent mandatory sale requirement until January 1, 2025. That decision was attributed to the stabilization of the foreign exchange market and the need to provide quasi-public companies with more flexibility in managing their cash flows.
In January 2026, the National Bank reported that the volume of mandatory foreign currency sales by quasi-public sector entities in December 2025 amounted to approximately $315 million. At that time, the regulator also noted that the tenge's short-term performance would depend on market expectations, quarterly tax payments, global market conditions, and geopolitics.
It was also previously reported that the mandatory sale of foreign currency earnings was among the factors analysts cited as reasons for the tenge's strengthening against the dollar in recent weeks.