RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 24, 2012 No. 242

About approval of Rules of establishment of the official rate of national currency of the Republic of Kazakhstan to foreign currencies

For the purpose of implementation of the Law of the Republic of Kazakhstan of July 5, 2012 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning the organization of activities of National Bank of the Republic of Kazakhstan, regulation of the financial market and the financial organizations" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of establishment of the official rate of national currency of the Republic of Kazakhstan to foreign currencies.

2. This resolution becomes effective after ten calendar days after day of its first official publication.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of August 24, 2012 No. 242

Rules of establishment of the official rate of national currency of the Republic of Kazakhstan to foreign currencies

These rules of establishment of the official rate of national currency of the Republic of Kazakhstan to foreign currencies (further - Rules) are developed according to the Law of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" and determine procedure for establishment by National Bank of the Republic of Kazakhstan (further - National Bank) the official rate of national currency to foreign currencies.

Chapter 1. The concepts used in Rules

1. In Rules the following concepts are used:

1) AIS - the automated information systems of National Bank;

2) cross-rate - the quotation between two currencies which consists of their rate in relation to US dollar;

3) authorized division - division of monetary transactions of National Bank;

4) management of National Bank - The chairman of National Bank or the vice-chairman of National Bank supervising authorized division;

5) the official rate of national currency - the tenge rate established by National Bank in relation to foreign currencies according to appendix to Rules. The procedure for establishment of the official rate of national currency to foreign currencies is similar to procedure for determination of the market rate of currency exchange. The purposes of application of the official rate of national currency and the market rate of currency exchange are established by the Code of the Republic of Kazakhstan of December 25, 2017 "About taxes and other obligatory payments in the budget" (Tax code), the Code of the Republic of Kazakhstan of December 26, 2017 "About customs regulation in the Republic of Kazakhstan", the Law of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" and international agreements of the Republic of Kazakhstan.

Chapter 2. Establishment of the official rate of national currency to foreign currencies

2. The National Bank establishes the official rate of national currency in relation to foreign currencies daily in the working days in which the stock exchange holds the auction on foreign currencies.

The list of foreign currencies, the official rate of national currency to which are established by National Bank, is determined in appendix to Rules (further – appendix to Rules).

3. The weighted stock exchange rate of national currency to US dollar which developed as of 15-30 hours of time of the city of Nour-Sultan is established as the official rate of national currency to US dollar the next working day behind day of tendering.

4. On other foreign currencies specified in appendix to Rules, the national currency rate in relation to foreign currency is calculated National Bank with use of the cross-rate to US dollar which developed according to the quotations of demand received on channels of news agency as of 16-00 hours of time of the city of Nour-Sultan in day of tendering on the stock exchange and it is established as the official rate the next working day.

5. In non-working days the rates established by National Bank in the working day preceding non-working day are effective.

6. Numerical value of the calculated official rates contains two decimal signs.

If when calculating the official rate of foreign currency in relation to tenge constitutes less unit, numerical value of nominal of foreign currency changes with increase up to necessary value.

6-1. In case of the termination of the address of the foreign currency provided by appendix to Rules concerning this foreign currency the rate is not established.

Chapter 3. The procedures providing establishment of the national currency rate in relation to foreign currencies

7. The National Bank establishes the official rate of national currency in relation to foreign currencies and publishes the official rates of foreign currencies in relation to national currency without obligation of National Bank to buy or sell the specified currencies on the established rate.

8. The National Bank publishes the official rates of foreign currencies in relation to national currency according to appendix to Rules in day of establishment of the official rate of national currency in relation to foreign currencies on Internet resource of National Bank.

9. The authorized division prepares the document on the official rates of foreign currencies for national currency with indication of terms of their action according to appendix to Rules. The document is signed by the management of National Bank or person authorized on signing of the document on the official rates of foreign currencies to national currency.

10. The document on the official rates of foreign currencies to national currency in day of its signing time of the city of Nour-Sultan is brought to the attention till 18:00 o'clock of divisions of National Bank, banks of the second level and other interested organizations by data transmission through official channels of communication (the central teletype, telex, the international interbank system of information transfer and making payments (SWIFT)) and e-mail.

11. Information on the official rate of national currency to foreign currencies (the official rates of foreign currencies to national currency) is brought in AIS in day of establishment till 24:00 o'clock time of the city of Nour-Sultan.

12. The original of the signed document about the official rates of foreign currencies to national currency is hemmed and stored in authorized division.

Appendix

to Rules of establishment of the official rate of national currency of the Republic of Kazakhstan to foreign currencies

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info