RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 22, 2024 No. 48

About introduction of amendments to some resolutions of Board of National Bank of the Republic of Kazakhstan concerning implementation of currency transactions in the Republic of Kazakhstan and submissions of the reporting

The board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the List of some resolutions of Board of National Bank of the Republic of Kazakhstan to which changes concerning implementation of currency transactions in the Republic of Kazakhstan and submissions of the reporting are made (further – the List), according to appendix to this resolution.

2. To provide to department of paying balance in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department of National Bank of the Republic of Kazakhstan state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of National Bank of the Republic of Kazakhstan of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the supervising vice-chairman of National Bank of the Republic of Kazakhstan.

4. This resolution becomes effective after ten calendar days after day of its first official publication, except for Items 1 and 2 of the List, paragraph of the fifty ninth Item 3 of the List which become effective since January 1, 2025.

5. From the date of enforcement of this resolution the currency agreements of physical resident persons on rendering broker services signed with the nonresident broker, and on management of investment portfolio, signed with managing investment nonresident portfolio under which before enforcement of this resolution accounting numbers were assigned are considered removed from accounting registration in territorial branch of National Bank and excluded from the register of accounting numbers.

It is approved Bureau of national statistics of the Agency on strategic planning and reforms of the Republic of Kazakhstan

It is approved Ministry of Foreign Affairs of the Republic of Kazakhstan

It is approved Ministry of Finance of the Republic of Kazakhstan

 

Appendix

to the Resolution of the Chairman of National Bank of the Republic of Kazakhstan of August 22, 2024 No. 48

The list of some resolutions of Board of National Bank of the Republic of Kazakhstan to which changes concerning implementation of currency transactions in the Republic of Kazakhstan and submissions of the reporting are made

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of November 29, 2018 No. 294 "About approval of Rules of monitoring of sources of the demand and supply in the domestic foreign exchange market of the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 18214) the following changes:

in Rules of monitoring of the sources of the demand and supply in the domestic foreign exchange market of the Republic of Kazakhstan approved by the specified resolution:

appendices 1, 2, 3, 4, 5 and 6 to Rules of monitoring of sources of the demand and supply in the domestic foreign exchange market of the Republic of Kazakhstan to state in edition according to appendices 1, of 2, of 3, of 4, 5 and 6 to the List of some resolutions of Board of National Bank of the Republic of Kazakhstan to which changes concerning implementation of currency transactions in the Republic of Kazakhstan and submissions of the reporting are made (further – the List).

2. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of March 30, 2019 No. 40 "About approval of Rules of implementation of currency transactions in the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 18512) the following changes:

in Rules of implementation of the currency transactions in the Republic of Kazakhstan approved by the specified resolution:

third of Item 3 to state part in the following edition:

"The rules of implementation of export-import currency exchange control in the Republic of Kazakhstan approved joint by the resolution of Board of National Bank of the Republic of Kazakhstan of September 29, 2023 No. 78 and the order of the Deputy prime minister – the Minister of Finance of the Republic of Kazakhstan of October 4, 2023 No. 1054 "About approval of Rules of implementation of export-import currency exchange control in the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 33512), according to Item 7 of article 5 of the Law on currency control and currency exchange control, features of carrying out payments and (or) money transfers under currency agreements on export or import to which the requirement of receipt of accounting number extends are provided.";

third of Item 5 to state part in the following edition:

"If in the currency agreement, on the basis and (or) in pursuance of which capital movement operations are performed (further – the currency agreement on capital movement) or payments and (or) money transfers with use of the foreign bank account to which accounting number is assigned are made or the registration certificate or the certificate on the notification is granted, the changes and (or) additions requiring according to Items 15 and 22 of Rules of monitoring of the currency transactions in the Republic of Kazakhstan approved by the resolution of Board of National Bank of the Republic of Kazakhstan of April 10, 2019 No. 64 "About approval of Rules of monitoring of currency transactions in the Republic of Kazakhstan" registered in the Register of state registration of regulatory legal acts at No. 18544 (further – Rules of monitoring of currency transactions), according to the subitem 4) of item 4 of article 5 of the Law on currency control and currency exchange control are made, receipts of new accounting number, carrying out payment and (or) money transfer with use of the existing accounting number (number of the registration certificate or the certificate on the notification) is allowed. At the same time the authorized bank (its branch) informs the resident in any form of need of receipt of new accounting number.";

state Item 8-1 in the following edition:

"8-1. The authorized bank monthly to 18 (eighteenth) (inclusive) the month following the accounting period submits in central office of National Bank the report on the performed currency transactions on form according to appendix 9 to Rules of monitoring of currency transactions.

The report on the performed currency transactions includes the currency transactions including which are carried out at the request of the client:

1) the amount of which is equal or exceeds fifty thousand US dollars in equivalent and transaction on non-cash purchase and (or) sale of foreign currency at the request of the client irrespective of the amount of such transaction (for legal entities);

2) the amount of which is equal or exceeds ten thousand US dollars in equivalent, and transaction on non-cash purchase and (or) sale of foreign currency at the request of the client which amount is equal or exceeds one thousand US dollars in equivalent (for physical persons).

For the purposes of reflection in the report on the performed currency transactions of information on currency transaction which currency of carrying out differs from US dollar the equivalent of the amount of such currency transaction is calculated with use of the market rate of currency exchange on the date of its carrying out.";

in Item 10:

in part two the third and fourth to state paragraphs in the following edition:

"if the payment and (or) money transfer on currency transaction is made on the amount which is not exceeding in equivalent of ten thousand US dollars, and sender or the beneficiary of payment and (or) money transfer is the client of authorized bank who is physical person, branch and (or) representation of the foreign legal entity or the nonresident legal entity (except for payments and (or) money transfers under the currency agreement to which the requirement of receipt of accounting number extends);

if the payment and (or) money transfer on currency transaction is made on the amount which is not exceeding in equivalent of ten thousand US dollars, and the resident legal entity (the sender and (or) the beneficiary of payment and (or) money transfer) makes or confirms record that such payment and (or) money transfer is not connected with execution of the currency agreement on which assignment of accounting number is required (except for payments and (or) money transfers under the currency agreement to which the requirement of receipt of accounting number extends);";

third to state part in the following edition:

"The payment and (or) money transfer on currency transaction which is carried out into the account (from the account) the resident third party through authorized bank on account of obligation fulfillment of resident and (or) the nonresident is allowed on condition of submission of the currency agreement determining nature of cross liabilities between the resident third party and person instead of whom is accepted the payment and (or) money transfer (goes) if it does not follow from the currency agreement based on which such payment and (or) money transfer is made. If the requirement of receipt of accounting number extends to any of currency agreements, then the copy of the currency contract with mark on assignment of accounting number, either the copy of the registration certificate or the copy of the certificate on the notification is submitted (under currency agreements which were subject to receipt of the registration certificate or certificate on the notification before enforcement of Rules).";

the paragraph one of part one of Item 14 to state in the following edition:

"14. The resident when carrying out subject represents to the notification according to article 15 of the Law on currency control and currency exchange control of payment and (or) money transfer on the amount specified in Item 8-1 of Rules data on currency transaction in form according to appendix 2 to Rules, including with indication of:";

state Item 15 in the following edition:

"15. The nonresident when carrying out subject to the notification according to article 15 of the Law on currency control and currency exchange control of payment and (or) money transfer on the amount specified in Item 8-1 of Rules represents to authorized bank of the data on currency transaction in form according to appendix 2 to Rules, including with indication of:

1) countries of incorporation of the sender of money and the beneficiary according to the payment document if these data do not match with specified in the payment document;

2) code of currency transaction on which the payment and (or) money transfer is registered;

3) sign of internal money transfer.";

to state part one of Item 16-1 in the following edition:

"16-1. The following transactions belong to currency transactions which carrying out can be directed to withdrawal of money from the Republic of Kazakhstan:

1) the financial loan providing the nonresident of money to resident (except for authorized bank) if conditions of the relevant currency agreement (it is initial or after introduction of amendments and (or) amendments to the currency agreement) do not provide implementation of money transfer, subject to obtaining from the nonresident, on bank accounts of resident in authorized banks;

2) the financial loan providing origin at resident (except for authorized bank) requirements to the nonresident on refund if conditions of the relevant currency agreement (it is initial or after introduction of amendments and (or) amendments to the currency agreement) do not provide implementation of money transfer, subject to obtaining from the nonresident, on bank accounts of resident in authorized banks;

3) the financial loan providing resident of money to the nonresident who is not the affiliate if conditions of the relevant currency agreement (it is initial or after introduction of amendments and (or) amendments to the currency agreement) do not provide payment of remuneration for use of subject of financial loan;

4) transactions on export if conditions of the relevant currency agreement (it is initial or after introduction of amendments and (or) amendments to the currency agreement) provide that completion date of obligations the nonresident on payment of export exceeds seven hundred twenty days from completion date of obligations resident;

5) transactions on import if conditions of the relevant currency agreement (it is initial or after introduction of amendments and (or) amendments to the currency agreement) provide that completion date of obligations by the nonresident on delivery of goods (to performance of works, rendering services) or on refund, including advance payment or advance payment amount in full (in case of non-execution by the nonresident of the obligations on import), is exceeded by seven hundred twenty days from completion date of obligations resident;

6) money transfer by the resident to the nonresident professional participant of the security market performing currency transactions according to orders of clients on the amount exceeding fifty thousand US dollars in equivalent;

7) transfer by the resident of money for own account abroad on the amount exceeding fifty thousand US dollars in equivalent;

8) the non-paid money transfer made by resident for benefit of the nonresident on the amount exceeding fifty thousand US dollars in equivalent.";

to state part one of Item 17 in the following edition:

"17. Purchase and (or) sale of non-cash foreign currency in the domestic foreign exchange market of the Republic of Kazakhstan through bank accounts in authorized banks is performed by residents and nonresidents, except for physical persons and authorized banks, based on the request (requests) for purchase or sale of non-cash foreign currency.";

state Item 18 in the following edition:

"18. In case of execution of the request (requests) for purchase of non-cash foreign currency legal resident persons, except for authorized banks, specify the purpose of purchase of non-cash foreign currency.

In case of execution of the request (requests) for purchase or sale of non-cash foreign currency for national currency through bank accounts in authorized banks legal nonresident persons specify the purpose of purchase or sale of non-cash foreign currency.";

the second Item 19 to state part in the following edition:

"Transfer and (or) transfer of foreign currency into own accounts of legal resident person, including into accounts of its separate divisions, and also non-paid money transfers in foreign currency belong to the purposes which are not connected with obligation fulfillment in foreign currency.";

state Item 20 in the following edition:

"20. In case of execution of the request (requests) for purchase in one authorized bank in one working day of non-cash foreign currency for national currency (except for authorized bank) specifies the purchase purpose the amount exceeding fifty thousand US dollars in equivalent, legal resident person, and also attaches to the request (requests) the copy of the currency agreement and accounts or other document for payment in pursuance of which the non-cash foreign currency is bought.

At the same time to the request (requests) for purchase of non-cash foreign currency for national currency legal resident person (except for authorized bank) applies specifying to authorized bank in case of its non-use within ten working days from the date of purchase on stated purposes to sell this currency for national currency during the next three working days, except as specified, of stipulated in Item 20-1 Rules.

Upon purchase in one authorized bank in one working day of non-cash foreign currency for national currency according to several requests which amount separately does not exceed fifty thousand US dollars in equivalent, but as a result of addition exceeds fifty thousand US dollars in equivalent, requirements of parts one and the second this Item are applied to requests which execution will be led to exceeding of threshold of the sum determined in part one of this Item.

Use of the non-cash foreign currency purchased according to this Item of Rules on the purposes which are not connected with obligation fulfillment in foreign currency is not allowed.

If the requirement of receipt of accounting number extends to the currency agreement, then the copy of the currency contract with mark on assignment of accounting number, either the copy of the registration certificate, or the copy of the certificate on the notification is submitted.

Purchase of non-cash foreign currency by authorized organizations for national currency at authorized bank is performed based on the valid license on exchange transactions with cash foreign currency and the valid appendix (the valid appendices) to it.";

to state part one of Item 21 in the following edition:

"21. In case of execution of the request (requests) of legal resident person (except for authorized bank) in one authorized bank in one working day on purchase of non-cash foreign currency for national currency on the amount exceeding fifty thousand US dollars in equivalent, authorized bank verifies the purposes of purchase specified in the request (requests) and the amount of foreign currency with the currency contract, and the account or other document for payment confirming the purpose and the amount of purchase of non-cash foreign currency and also with the available data about earlier performed according to Rules on purchase of non-cash foreign currency for national currency based on this currency agreement.";

state Item 22 in the following edition:

"22. Use of the non-cash foreign currency secured according to Items 19 and 20 of Rules on the purposes connected with obligation fulfillment in foreign currency under other currency agreement, except as specified, of stipulated in Item 20-1 Rules in case of representation by legal resident person is allowed (except for authorized bank) in authorized bank of the additional request which is drawn up according to part one of Item 20 of Rules to earlier drawn up request according to which the non-cash foreign currency is secured.

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