Limitations On Foreign Exchange In Kazakhstan

On 16 March 2015 the Management Board of the National Bank of the Republic of Kazakhstan by its Resolution №32¹ resolved to amend the Rules on Currency Operations in the Republic of Kazakhstan (Rules). The Rules inter alia regulate foreign exchange operations, the regime of foreign investments into Kazakhstan, and cross border and domestic currency payments.

From the date the resolution is enforced, Kazakhstan legal entities (excluding banks and authorized entities²) may purchase foreign currency on the Kazakhstan market in the amount exceeding USD 100,000 or its equivalent only when such currency is required for fulfillment of a currency contract (e.g. a cross-border sale and purchase agreement) or other documents confirming purpose of the purchase. A Kazakhstan bank may sell currency to Kazakhstan legal entities only when an underlying contract is presented to the bank. The previous version of the Rules did not restrict the purchase of foreign currency