Dear FEA Participants!
JSC Bank CenterCredit would like to pay your attention to the below amendments introduced to the Rules for Carrying Out Currency Transactions in the Republic of Kazakhstan No. 40 dated 30 March 2019 to take effect starting from 1 January 2025:
Money transfer procedure under currency transactions of resident legal entities;
Procedure for buying non-cash foreign currency for the national currency by resident legal entities.
In this connection, you are kindly requested to take into account this important information when planning such transactions.
In terms of buying foreign currency:
- When buying non-cash foreign currency for Tenge for a total amount exceeding USD 50,000 in equivalent in a single business day, a resident legal entity shall indicate the purpose of buying and submit a foreign exchange contract to the Bank, as well as a statement to sell back the unutilized currency for the portion of orders that, subject to previous orders, constitutes the amount exceeding USD 50,000 in equivalent.
- Total amount of foreign currency purchases shall be calculated based on all purchase orders of the customer in a single business day, regardless of the purpose of buying. Without submitting any supporting documents and a statement to sell back, the customer may purchase foreign currency in one bank in a single business day for any purpose in the amount not exceeding USD 50,000 in equivalent.
- In order to meet this requirement, a foreign exchange contract must be submitted to the Bank, regardless of the purchase amount, to buy currency for the purpose of fulfilling obligations under the foreign exchange contract.
In terms of money transfers under currency transactions:
In the event of transferring foreign currency previously purchased at JSC Bank CenterCredit to another authorized bank, the Application for transfer of own funds must mandatorily include information on the foreign currency purchase date, and the number and date of a foreign exchange contract in implementation of which such foreign currency was purchased.
If this information is missing in the money transfer application, the Bank will have to refuse the customer to carry out such transaction.