Foreign currency control laws of the Republic of Kazakhstan comprise of the Constitution of the Republic of Kazahstan, Law on foreign currency regulation and control (the Currency Law) and other legal acts of the Republic of Kazakhstan. Should any international agreement estalbishes any other rules, international agreement rules will prevail subject to ratification of such agreement.
Pursuant to the article 282, Civil Code of the Republic of Kazakhstan, pecuniary (monetary) liabilities should be fixed in tenge (KZT) except for the cases provided by law.
As per the article 13, the Currency Law pecuniary liabilities in the territory of the Republic of Kazahstan can be established in a foreign currency, provided it is allowed by law.
NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN
The National Bank of the Republic of Kazakhstan (the NB) and foreign exchange control agencies and agents are in charge of the foreign exchange control in the Republic of Kazakhstan within the estabished legal competence. The NB, as a main foreign exchange control agency, establishes:
Any other currency operations that do not fall under any established currency regimes may be carried without any limits and restrictions.
Currently the NB license is reguired only for organisation of offices for foreign currency exchange operations, which are carried solely by the authorised banks and authorised organisaiton.
The NB is in charge of registration of the following operations:
When a repayment time exceeds 180 days in any commercial credit, it triggers registration with the NB by default.
When a repayment time exceeds 180 days in any financial loan, it triggers registration with the NB by default.
The NB estalbishes the triggering value for registration with the NB and exceptions from the registration regime, which may be put under the regime of notification at discretion of the NB.
Pursuant to the Foreign Exchange Operations Rules, a transaction triggers registration if it covers:
A resident party to a foreign exchange transaction should apply to the NB for registration in a timely manner:
When a resident becomes a party of a foreign exchange transaction that fall under the registration regime as a result of debt assignment or transfer, such resident party should apply to the NB for registration not later thrity calendar days after such transaction is made.
The registration takes ten calendar days from the day of receipt of a full bandle of documents and the NB issues a standard Regisrtation Certificates.
The registration does not apply to banking operations and operations of residents/non-residents with foreign securities when they are carried under brokerage services contract with a broker-resident or based on agreement on investment portfolio management made with managing company-resident.
Notification procedures include filing information on a transaction documents in an established form with the NB by resident parties of the transactions or by banks, also professional members of securities markets that carrying transaction operations as per the instructions from clients. and subsequent filing the data on performed operations and changes in the transaciton document.
The following transaction (currency operations) may be carried subject to the notification to the NB:
The notification triggering values for the above transactions are as follows:
ACCOUNTS OF NON-RESIDENTS
Non-residents may open bank accounts in foreign and national currencies in the Kazakhstani authorised banks without any restrictions.
Non-residents may remit money in foreign and national currencies from and to the accounts in the foreign and Kazakhstani banks without restrictions.
Residents may open bank account in foreign curreny in the Kazakhstani authorised banks without any restrictions, if none other is provided by law.
Sources: Национальный Банк Республики Казахстан
Contacts of the National Bank of the REpublic of Kazakhstan:
Address: 050040, Kazakhstan, Almaty,21 building, Koktem-3 microdistrict
Fax: 8 (727) 2704-703, 8 (727) 2617-352, 8 (727) 2704-799
Receiption: 8 (727) 2704-591