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Kazakhstan to introduce ban on purchase of real estate and vehicles for cash: Central Bank Governor

12 february 2015, 14:36

It would make sense to introduce a ban on purchase of real estate and vehicles for cash, the country’s Central Bank Governor Kairat Kelimbetov told a briefing at the President’s Service for Public Communications.

“We have all seen that 93% of all such transactions are made in cash. In any economy such a situation wouldn’t be correct as it means that those involved in the transactions evade taxes. Many of such payments are made in US Dollars. There should be some regulations to ensure prices are quoted in the national currency and the pricing relies on the tenge”, Mr. Kelimbetov elaborated.

Back in December 2014 the Central Bank in partnership with the Government issued a statement that among other things suggested introducing a ban on transactions in foreign currencies.

Mr. Kelimbetov emphasized all significant purchases should be made cashless. “The Central Bank believes the most sizeable purchases, e.g. of real estate or vehicles, should be cashless. These transactions should be made through a bank account so that the National Bank and tax authorities could see the payments. This issue should be regulated shortly”, he told journalists.

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