Currency Operations in Kazakhstan: September 2026 Changes - FCHAIN

Currency Operations in Kazakhstan: September 2026 Changes

Resolution of the National Bank of the Republic of Kazakhstan No. 105 dated August 27, 2026, amends the Rules for Currency Operations. The amendments, effective from September 15, 2026, clarify the procedure for legal entities-residents purchasing non-cash foreign currency, strengthen control over the aggregate amount of foreign currency purchases under currency contracts, and establish a special procedure for certain transactions involving digital financial assets.For companies engaged in foreign economic activity (FEA), it is particularly important to take into account the existing rule on the targeted use of purchased foreign currency, as well as the new mechanism for monitoring the aggregate amount of purchases under a currency contract. Failure to comply with these requirements may result in the reverse sale of unused foreign currency and refusal by the bank to execute a new purchase.

In short, businesses should take into account the following:

1. the targeted-use requirement remains applicable to foreign currency purchased above the established threshold: if the currency is not used within 10 business days, it must be resold within the following 3 business days;
2. control over the aggregate amount of foreign currency purchases under each currency contract has been strengthened: the authorized bank verifies the purpose and amount of the purchase against the currency contract and takes previous purchases into account;
3. a special procedure applies to certain resident legal entities operating under the National Bank’s special regulatory regime in relation to digital financial assets backed by money (stablecoin).

Below, we consider the relevant requirements in more detail and their practical implications for businesses.

 

The “10-Day” Rule: strict adherence to targeted use deadlines

Financial directors and accountants should continue to strictly observe the deadline for the targeted use of purchased non-cash foreign currency.

Under the updated Rules, where a legal entity-resident purchases non-cash foreign currency for national currency from one authorized bank on one business day for purposes related to the performance of obligations in an amount exceeding the equivalent of USD 50,000, it must submit a copy of the relevant currency contract together with the application and provide the bank with the relevant instruction:

• If the acquired foreign currency is not utilized for its stated purpose within 10 working days from the date of purchase, the business is obliged to instruct the bank to execute a reverse sale of the currency for the national currency (tenge).
• The mandatory reverse sale procedure itself must be completed within the subsequent 3 working days.

Accordingly, payment planning should take into account the existing 10-business-day rule: if the purchased foreign currency is not used for the stated purpose within the prescribed period, it is subject to reverse sale in accordance with the Rules. This may result in additional costs due to exchange-rate movements and the bank’s spread.

 

Volume restrictions: prohibition on purchasing currency exceeding contract value

A key change is enhanced control over the aggregate amount of foreign currency purchases under each currency contract. An authorized bank now cross-checks the application against the terms of the currency contract and information on previous purchases:

1. Contract reconciliation: when executing an application, the authorized bank compares the purpose and amount of the foreign currency purchase with the currency contract and also takes into account information on previous purchases made under that contract.
2. Limit compliance: Exceeding the total aggregate amount of currency purchases permitted under the contract is strictly prohibited.
3. Rejection where the limit is exceeded: the bank refuses the foreign currency purchase if the amount of purchases under one currency contract, taking into account previous purchases, exceeds the amount of that currency contract.

Accordingly, each new purchase must take into account the total amount of foreign currency previously purchased under the relevant currency contract, including purchases made through other authorized banks.

 

Transactions involving digital financial assets backed by money (stablecoin)

A separate procedure applies to legal entities-residents participating in a special regulatory regime of the National Bank and carrying out activities involving the issuance and circulation of digital financial assets backed by money (stablecoin). A transfer by such entities of non-cash foreign currency to accounts with a foreign bank or foreign financial institution for the purpose of performing obligations to redeem such digital financial assets used in the performance of an export or import currency contract is treated as a purpose related to the performance of obligations in foreign currency. When purchasing foreign currency above the applicable threshold, a participant in the special regulatory regime submits to the bank information on the registration numbers assigned to the relevant export or import currency contracts, and the bank verifies that information against the National Bank’s digital system and information on previous foreign currency purchases.

 

How to mitigate risks and adapt to the new requirements?

To reduce the risk of a bank refusing to execute a foreign currency purchase and the costs associated with the reverse sale of unused currency, companies are advised to:

1. Plan foreign currency purchases with due regard to the performance deadlines under the relevant currency contract and the applicable targeted-use period.
2. Monitor the aggregate amount of foreign currency purchases under each currency contract, including purchases made through other authorized banks.
3. Keep currency contracts and supporting documents up to date and, where contractual terms or performance deadlines change, timely formalize the relevant amendments and provide the necessary documents to the bank.

Failure to comply with applicable currency-law requirements may result in a bank refusing to execute an operation, the reverse sale of unused foreign currency, and related costs.

 

FChain Legal services

FChain provides comprehensive legal support on currency regulation and foreign economic activity. As part of this work, we review currency contracts and supporting documents, assess the applicable requirements governing the purchase and targeted use of foreign currency, and identify legal risks associated with currency control and the requirements of authorized banks.

Our support may include:

• Business Legal Support — comprehensive legal support on foreign economic activity and currency regulation, including analysis of applicable legal requirements and legal assistance in communications with counterparties and authorized banks.
• Legal Audit — review of currency contracts, related documents and internal company procedures for compliance with currency legislation, including identification and assessment of legal risks.
• Contract Drafting — drafting and review of foreign trade and other contracts, including provisions on payment currency, settlement procedures, performance deadlines and documents required for compliance with currency control requirements.

In light of enhanced control over currency operations, companies should ensure that their currency contracts, supporting documents and internal procedures comply with applicable legal requirements and allow the purpose and amount of each foreign currency purchase to be substantiated. This helps reduce the risk of transaction refusals and reverse sales of unused foreign currency.

 

Tax Code: Key Changes from 2027

Prepared by: Sergey Gaidarov

Senior Legal Adviser

FChain Kazakhstan

📩almaty@f-chain.com
WhatsApp: +7 771 214 1820