Kazakhstan may strengthen oversight on currency transactions and money transfers.
In Kazakhstan, currency operations and money transfers may face increased scrutiny
The National Bank of Kazakhstan (NBK) has introduced a draft regulation aimed at enhancing the transparency of currency operations and preventing speculation with foreign currency.
The draft includes amendments designed to reduce the reporting deadlines for authorized banks regarding the currency operations conducted for their clients.
The reporting deadlines for banks are being shortened to ensure timely access to market information, its analysis, and, if necessary, the implementation of prompt measures.
- states the regulator's announcement.
This initiative is also linked to the increase in the volume of money transfers between Kazakhstan and other countries.
Changes in currency operation regulations
According to the draft, it is planned to reduce the reporting deadlines for currency operations from monthly to five working days of the following month. Additionally, it is proposed to decrease the time allowed for making adjustments from one month to three working days.
Special attention will be given to verifying the conversion operations of non-residents. Banks will be required to confirm the sources of tenge liquidity to prevent circumvention of currency legislation and speculative demand for foreign currency.
However, operations backed by economically justified sources of income, such as the sale of goods, provision of services, or receipt of dividends, will continue to be conducted in the standard manner.
Money transfers: Uzbekistan remains the leader
It was previously reported that the volume of international money transfers from Kazakhstan from January to November 2024 amounted to $1.38 billion, which is 17.6% less than in the same period last year. The majority of funds were sent to Uzbekistan ($421.5 million), Russia ($396.4 million), and Turkey ($274 million).
Conversely, Kazakhstan received $409.6 million, marking the lowest figure since 2015. The primary source countries for these transfers remain Russia ($108.6 million), the USA ($54.9 million), and South Korea ($43.2 million).
Trends and the impact of financial flows
In the regulation of international money transfers, the "Golden Crown" system continues to dominate the market, accounting for 83.8% of all sent funds ($1.16 billion).