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ARTICLE · 21 MAY 2019

New Currency Control Law In Kazakhstan

The new Law of the Republic of Kazakhstan "On Currency Regulation and Currency Control" (the New Law) enters into force (with the exception of certain provisions) on July 1, 2019.

KazakhstanFinance and Banking

The new Law of the Republic of Kazakhstan "On Currency Regulation and Currency Control" (the New Law) enters into force (with the exception of certain provisions) on July 1, 2019. To implement certain provisions of the New Law, the National Bank of the Republic of Kazakhstan (the NBK) has developed several new resolutions on currency regulation and currency control. These resolutions have not yet been adopted by the NBK and, accordingly, have not entered into force.

Below we outline certain provisions of the New Law and the draft NBK Resolution on the approval of new rules for monitoring currency transactions in Kazakhstan.

Currency monitoring

From the date when the New Law comes into force, the existing currency regulation regimes will be cancelled. In lieu of such regimes, the New Law provides for the expansion of monitoring of currency transactions.

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