of January 25, 2013 No. 15, on February 22, 2013 No. 99
About procedure for determination of the market rate of currency exchange
According to the subitem 11) Item 1 of article 1 of the Code of the Republic of Kazakhstan of December 25, 2017 "About taxes and other obligatory payments in the budget" (Tax code) Board of National Bank of the Republic of Kazakhstan of POSTANOVLYAET and the Minister of Finance of the Republic of Kazakhstan PRIKAZYVAYET:
1. The market rate of currency exchange is determined daily in the working days in which the Kazakhstan stock exchange joint-stock company (further - the exchange) holds the auction on foreign currencies, in the following procedure:
1) the market rate of currency exchange is determined by US dollar as the weighted stock exchange rate of tenge to US dollar which developed as of 15-30 hours of time of the city of Nour-Sultan;
2) the market rate of currency exchange in relation to tenge is determined by other foreign currencies as the cross-rate calculated with use of the market rate of US dollar in relation to tenge and rates of these currencies to US dollar which developed as of 16-00 hours of time of the city of Nour-Sultan according to the quotations of demand received on channels of news agencies.
The National Bank of the Republic of Kazakhstan in day of tendering at the exchange fixes the foreign exchange rates in relation to tenge determined in the procedure established by this Item for the foreign currencies specified in appendix to the 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" registered in the Register of state registration of regulatory legal acts at No. 7977, (further - the Resolution on the official rates), and informs banks of the second level and other interested persons by data transmission through official channels of communication (e-mail, the fax and the software of VIDO).
The market rates are determined by the exchange currencies which are not specified in appendix to the Resolution on the official rates by the organizations independently according to the procedure, established by this Item. Use of the foreign exchange rate to US dollar published in the Financial Times newspaper or on its Internet resource, and also on information portals of Bloomberg or Reuters in day of establishment of the market rate of US dollar in relation to tenge is allowed.
In non-working days the rates determined in the working day preceding non-working day are effective.
3. To the financial organizations (except for legal entities whose exclusive type of activity is the organization of exchange transactions with foreign currency), to Development Bank of Kazakhstan joint-stock company, joint-stock investment funds, special finance companies, Islamic special finance companies, and also National Bank of the Republic of Kazakhstan and legal entities, fifty and more percent of shares (share in the authorized capital) or controlling stock of which belong to National Bank of the Republic of Kazakhstan, for the purpose of forming of the financial reporting to perform recalculation of the assets and liabilities which are subject to recalculation according to international accounting standards at the end of the day in which the auction at the exchange, with use of the market rate of the currency exchange determined according to the procedure, the stipulated in Item 1 these order and the resolution was held.
To other organizations for the purpose of forming of the financial reporting to perform recalculation of the assets and liabilities which are subject to recalculation according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting on reporting date with use as the closing rate of the market rate of the currency exchange determined for date of the last day of the accounting period in which the auction according to the procedure, the stipulated in Item 1 these order and the resolution was held.
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