Kazakh parliament adopts law on currency control

By  Trend

The parliament of Kazakhstan adopted the "Law on Currency Regulation and Currency Control," Kazakh media outlets report.

"The main task is to expand the monitoring of foreign exchange operations and reduce foreign exchange in settlements in Kazakhstan," said the Chairman of the National Bank of Kazakhstan Daniyar Akishev.

He added that the liberal principles of currency regulation will remain for ordinary citizens of Kazakhstan.

"The law includes the recognition of branches of foreign organizations as residents. Under the current legislation, branches of foreign organizations, acting as non-residents, are entitled to carry out currency transactions within Kazakhstan. We plan to translate their settlements with Kazakh residents and organizations in tenge. These amendments will ensure equal business conditions for local companies and branches of foreign companies," Akishev said.

He added that Kazakh government also plans to expand the coverage of foreign exchange transactions with non-residents and to simplify the collection of information on them, canceling the regimes for registration and notification, implementing a single registration of currency contracts instead.