ANNOUNCEMENT 07 Oct 2015

In October 2015, the government of Kazakhstan announced a rule change for personal cross-border financial flows.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 1 neutral
  • 0 liberalising
Inception date: No inception date

Control on personal transactions

According to a press release dated October 7, 2015, published on the Internet site of the Prime Minister of the Republic of Kazakhstan, the National Bank of Kazakhstan plans to introduce a currency rule with implications for international banks. Concretely, it is being discussed to restrict the issuance of foreign currency loans to individuals who do not have income in foreign currency within six months prior to its issuance.

As noted by the Director of Department of Consumer Protection of the National Bank Alexander Terentiev, the purpose of this measure is to de-dollarise the local economy.

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