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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN, ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of January 25, 2013 No. 15, on February 22, 2013 No. 99

About procedure for determination of the market rate of currency exchange

(as amended on 26-06-2019)

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.

2. To apply the market rate of currency exchange determined according to Item 1 of the presents of the order and resolution in the working day following behind day of tendering at session.

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.

The financial organizations (except for legal entities whose exclusive type of activity is the organization of exchange transactions with foreign currency), 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, in the presence of the automated information system allowing to perform conducting financial accounting 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 for the purposes of conducting financial accounting can use the market rate of currency exchange determined according to the procedure, the stipulated in Item 1 these order and the resolution in day of tendering at the exchange and the subsequent non-working days without implementation of recalculation at the end of the day.

4. Recognize invalid:

2) the order of the Minister of Finance of the Republic of Kazakhstan of January 19, 2011 No. 27 and the resolution of Board of National Bank of the Republic of Kazakhstan of December 27, 2010 No. 106 "About entering of amendment and changes into the order of the Minister of Finance of the Republic of Kazakhstan of January 28, 2009 No. 36 and the resolution of Board of National Bank of the Republic of Kazakhstan of January 26, 2009 No. 4 "About establishment of procedure for determination and application of the market rate of currency exchange" (registered in the Register of state registration of regulatory legal acts at No. 6782).

5. These order and the resolution become effective after ten calendar days after day of their first official publication.

Chairman of National Bank of the Republic of Kazakhstan

G. Marchenko

Minister of Finance of the Republic of Kazakhstan

B. Zhamishev

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

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