1. Main
  2. Learn
  3. Politics
  4. Politics

Kazakhstan to introduce ban on purchase of real estate and vehicles for cash: Central Bank Governor12 февраля 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.

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan