Dear Customers,
“Al Hilal” Islamic Bank" JSC expresses its gratitude to you and kindly informs you about following.
The National Bank of the Republic of Kazakhstan amended the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated March 30, 2019 No. 40 "On the Approval of the Rules for Currency Transactions in the Republic of Kazakhstan" according to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated March 19, 2020 No. 25 (hereinafter – “Rules”).
Please pay attention to the fact that the Rules have been amended to reduce the threshold amount for the purchase of non-cash foreign currency in an authorized bank, as well as new requirements were set up for applying to purchase non-cash foreign currency for national currency in an amount exceeding fifty thousand US dollars in equivalent.
Please see below new edition of paragraphs 19-23 of the Rules.
"19. Resident legal entities (with the exception of authorized banks) shall purchase from one authorized bank during one business day non-cash foreign currency for the national currency for purposes not related to the fulfillment of obligations in foreign currency in amount not exceeding fifty thousand US dollars in equivalent.
Purposes not related to the fulfillment of obligations in foreign currency include transfer of foreign currency to own accounts in foreign banks, gratuitous transfers of money in foreign currency, as well as placement of foreign currency with authorized banks.
20. When applying to purchase non-cash foreign currency for the national currency in amount exceeding fifty thousand US dollars in equivalent, resident legal entity (with the exception of authorized bank) shall indicate the purpose of the purchase, and attach to the application copy of the foreign currency agreement and invoice or other payment reference document for which foreign currency is being bought. At the same time, application to purchase non-cash foreign currency for national currency by resident legal entity (with the exception of authorized bank) shall be annexed by instruction to the authorized bank to sell this currency within three working days if it was not used within ten business days, exception is if foreign currency was purchased to pay net income or its part distributed by this resident legal entity between its shareholders, founders, participants.
If the currency agreement requires to obtain registration number, a copy of the currency agreement with a registration number, or a copy of the registration certificate, or a copy of the notification certificate shall be provided.
Purchase by authorized entities of non-cash foreign currency for the national currency from authorized bank is executed on the basis of valid certificate to perform exchange transactions with foreign currency and valid attachment (valid attachments) to it.
21. When fulfilling application of a resident legal entity (with the exception of an authorized bank) to purchase non-cash foreign currency for the national currency in amount exceeding fifty thousand US dollars in equivalent, the authorized bank will verify the purchase purpose and the amount of foreign currency specified in the application with the foreign currency agreement and invoice or another document with payment reference, confirming the purpose and amount of the purchase of foreign currency, as well as with available information on previously fulfilled purchases of foreign currency in accordance with the Rules to purchase foreign currency for national currency on the basis of this currency agreement.
It is not allowed to exceed the total amount of purchases of non-cash foreign currency for the national currency under one currency agreement, calculated on the basis of applications from a resident legal entity over the amount of the currency agreement.
22. It is allowed to use non-cash foreign currency purchased in accordance with paragraphs 19 and 20 of the Rules for other purposes related to the fulfillment of obligations in foreign currency under another currency agreement, upon submission by resident legal entity to authorized bank of additional application drawn up in accordance with part one of paragraph 20 of the Rules, to a previously executed application, according to which non-cash foreign currency was purchased.
23. Authorized bank cannot accept application of resident legal entity to purchase non-cash foreign currency for national currency which is not in accordance with Paragraphs 19, 20 and 22 of the Rules, as well as, if:
The amount of purchases of non-cash foreign currency for the national currency under one currency agreement, calculated on the basis of applications from resident legal entity, exceeds the amount of such currency agreement and invoice or other payment document.
The amount of purchases of non-cash foreign currency for national currency by one resident legal entity through one authorized bank during one business day for purposes not related to the fulfillment of obligations in foreign currency, calculated on the basis of applications from resident legal entity, exceeds fifty thousand US dollars in equivalent.”
The above mentioned changes to the Rules became effective from March 23, 2020.
Regards,
“Al Hilal” Islamic Bank" JSC
