Article 11. Organization of exchange operations with foreign currency in cash The Law on Currency Regulation and Currency Control

Home / RLA / Article 11. Organization of exchange operations with foreign currency in cash The Law on Currency Regulation and Currency Control

1. Exchange operations with foreign currency in cash in the Republic of Kazakhstan, including the purchase and (or) sale of foreign currency in cash for other foreign currency in cash or national currency in cash, are carried out by authorized organizations or authorized banks authorized to carry out exchange operations with foreign currency in cash in accordance with the license issued by the National Bank of the Republic of Kazakhstan, the authorized body for regulation, control and supervision of the financial market and financial organizations or the laws of the Republic of Kazakhstan. Other persons are not entitled to provide financial services in the Republic of Kazakhstan for the purchase and (or) sale of foreign currency in cash.

2. The procedure for the purchase and (or) sale of foreign currency in cash at exchange offices, the establishment of exchange rates for the purchase and (or) sale of foreign currency in cash for other foreign or national currency in cash is determined by the rules for conducting exchange operations with foreign currency in cash in the Republic of Kazakhstan.

3. The National Bank of the Republic of Kazakhstan has the right to set limits for the deviation of purchase rates from the sale rates of foreign currency in cash for the national currency in cash for transactions conducted through exchange offices. The types of foreign currencies and their corresponding exchange rate deviation limits are set by the National Bank of the Republic of Kazakhstan.

This Law regulates public relations related to the implementation of currency transactions, defines the goals and objectives of currency regulation and currency control.

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