Briefly
According to the Resolution of the Management Board of the National Bank No.4 dated 20 February2025 "On introduction of amendments to certain resolutions of the Management Board of the National Bank of the Republic of Kazakhstan", the Rules for carrying out and monitoring currency operations have been amended (the "Resolution").
In details
The Resolution, among other, provides for the expansion of the list of operations aimed at evading currency legislation requirements, which are subject to financial monitoring.
Financial monitoring also applies to transactions where non-residents purchase non-cash foreign currency for national currency in amounts exceeding USD 50,000, if the source of the funds is not related to:
- Receiving money from selling goods (performance of work or services) to a resident;
- Selling other financial assets for national currency;
- Receiving dividends in national currency from activities within Kazakhstan;
- Refunds of previously paid taxes and other mandatory payments by tax authorities;
- Other economically justified sources of national currency.
The Resolution will come into effect on 13 March2025.
Are you interested in this topic?
- We would be pleased to discuss with you the above amendments and how they can impact your business.
- We can analyze and implement possible steps to ensure compliance with the new requirements.
If you are interested in additional information, please contact PwC specialists working as part of a group serving your company, or to any of the persons listed.
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