The authorities of Kazakhstan have granted permission to the country's banks to export Russian rubles in cash form for conversion into non-cash form until the end of the year. This decision was outlined in the government resolution titled "On some issues of ensuring financial stability of the Republic of Kazakhstan."
The document states, "To authorize the second-tier banks of the Republic of Kazakhstan to export Russian rubles in cash from the Republic of Kazakhstan. This decree will be effective from the date of its signing and will remain valid until January 1, 2024."
According to the explanatory note accompanying the draft decree, the purpose of this measure is to allow local banks to export cash Russian rubles from Kazakhstan and convert them into non-cash form to replenish correspondent accounts in foreign banks.
On March 14, 2022, President Kassym-Jomart Tokayev signed a decree aimed at ensuring financial stability, which included a provision prohibiting the export of foreign currency exceeding $10,000 and gold bullion from the country. In July of the same year, the authorities temporarily allowed banks to export cash Russian rubles, which had accumulated in the cash offices of credit institutions, until August 31. The National Bank explained at that time that the banks had accumulated an excess amount of cash Russian rubles beyond the demand in the domestic foreign exchange market.
In early January 2023, Kazakhstan also granted permission for banks to export cash rubles for conversion into non-cash form. This authorization was valid for a period of 60 calendar days.
GSV "Russia - Islamic world"
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Based on materials from TASS