Kazakhstan scraps FX rule for state-affiliated companies
Requirement for proceeds to be sold domestically was implemented when Ukraine war led to depreciation
Kazakhstan’s central bank has said that a rule requiring quasi-public sector companies to sell 50% of their foreign exchange proceeds on the domestic market has been scrapped as of this week.
In a statement provided to Central Banking on July 15, a spokesperson for the National Bank of Kazakhstan says the requirement was introduced as a “temporary anti-crisis measure” to boost the availability of foreign currency during financial market volatility experienced in 2024. They add that the decision
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