The Prime Minister of Kazakhstan

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Government of Kazakhstan approved a bill on currency regulation and currency control

26 December 2017, 14:08

At the meeting of the Government chaired by the Prime Minister Bakytzhan Sagintayev, the chairman of the National Bank Daniyar Akishev presented a bill on currency regulation and currency control.

According to the chairman of the National Bank Daniyar Akishev, the purpose of the new bill is the planned changes in currency legislation in the context of Kazakhstan's accession to the World Trade Organization, the establishment of the Khorgos International Center for Cross-Border Cooperation and the Astana International Financial Center.

"The main task of the bill is to expand the coverage of statistical monitoring of foreign exchange transactions and reduce the use of foreign currency in settlements in Kazakhstan. The implementation of these norms will expand the coverage of information on foreign exchange transactions, improve the effectiveness of exchange controls, including to counter the withdrawal of money from the country," said Daniyar Akishev.

Among the main changes, the chairman of the National Bank listed the recognition of branches of foreign organizations as residents, expansion of the scope of currency transactions of a transboundary nature, strengthening of currency control over operations aimed at the withdrawal of capital, as well as clarification of the circulation of currency values ​​in the territory of Kazakhstan and the list of currency transactions permitted between residents. At the same time, Daniyar Akishev stressed that the draft law envisages the preservation of the principles of the liberal currency regime.

"There is no tightening, this is a planned bill that has nothing to do with tightening of conditions," explained the chairman of the National Bank, answering journalists' questions after the meeting of the Government.

According to Daniyar Akishev, after Kazakhstan's accession to the WTO, an increase in the number of branches and representative offices is expected, which will lead to an increase in payments in foreign currency inside the country, which does not correspond to national interests. In this regard, it is proposed to translate the calculations of branches of foreign organizations with Kazakhstan counterparts in tenge. At the same time, there is no provision for worsening of conditions with regard to contracts concluded before the introduction of this law.

"The deadline for the enactment of the bill is July 1, 2019," Daniyar Akishev concluded.

Based on the results of consideration, the proposed draft law was adopted and submitted to the Parliament of the Republic of Kazakhstan.