Banks of Kazakhstan to be allowed to export rubles

Maria Novoselova / Vestnik Kavkaza

Kazakhstan continues to lift restrictions on the export of rubles, introduced last year against the backdrop of fluctuations in the exchange rate.

Kazakh Prime Minister Alikhan Smailov believes that the time has come to allow second-tier banks to export rubles from the country. The draft resolution will be discussed by June 5, if it is approved, then banks will be able to export rubles without restrictions from Kazakhstan until January 1, 2024.

This measure will allow banks to transfer available rubles to a non-cash form during 2023, as well as to replenish correspondent accounts.

Last spring, in order to maintain financial stability, Kazakhstan banned the export of cash currency of other states in the amount of more than $10,000. This decision led to the fact that banks began to accumulate rubles.

© Photo :Maria Novoselova / Vestnik Kavkaza