ANNOUNCEMENT 04 Mar 2015

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

NUMBER OF INTERVENTIONS

1

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

Controls on commercial transactions and investment instruments

On 4 March 2015 the National Bank of the Republic of Kazakhstan issued Press Release No. 16 "On measures to reduce the level of dollarization of the economy". It is a plan with measures (but no concrete implementation scheme, hence an amber GTA measure) for the period 2015-2016.

Concretely, the de-dollarisation of the economy is to be mainly achieved through:

  • Diversification of the local economy;
  • Increased local content in the produced goods and services;
  • Increased state guarantees for deposits in Kazakh tenge from KZT 5 million to KZT 10 million;
  • Reduction of the annual interest rate on foreign currency deposits to 3%.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
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