President signs currency regulation and control law

Nursultan Nazarbayev, president of Kazakhstan, has signed the law "On currency regulation and currency control", KZ-today reports.

The law was initiated by the National Bank of RK in order to optimise the currency regulation procedure, improve sources and parameters of the informational base on capital flows, promoting further liberalisation of the currency regime for the participants of foreign economic activities.

The law, in particular, cancels limitation on the export of foreign currency in cash from the republic. As per the law when foreign currency in cash is exported by physical persons (both residents and non-residents) from RK in an amount exceeding equivalent of 10 thousand USD, it is necessary to submit documents confirming legality of their origin to the customs authorities of RK. The list of the documents confirming legality of the origin of the exported foreign currency in cash is established by the National Bank of RK.

Besides, the law cancels the regime of licensing foreign currency operations as from January 2007 and replaces it with a notification and registration system.