Kazakhstan to limit payments in foreign currency

Kazakhstan will limit the turnover in the foreign exchange market, the relevant law was signed the yesterday by the country's President Nursultan Nazarbayev.

The amendment to the Law "On Currency Regulation and Currency Control" was caused by the fact that the transition period of Kazakhstan's accession to the WTO will come to an end in December 2020, when branches of foreign financial organizations will have access to its domestic market.

There are 4,5 thousand of them in the country now.

According to the amendment, since 2020, the accounts should be maintained exclusively in the national currency (tenge) by all new market participants in the territory of Kazakhstan.

It is expected that the amendments will ensure equal business conditions for local companies and branches of foreign organizations, Sputnik Kazakhstan reports.