Baku, Azerbaijan, Dec. 15
By Nigar Guliyeva – Trend:
Kazakhstan will draft a bill "On Currency Regulation and Currency Control". This is stipulated in the Strategic Plan of the National Bank of Kazakhstan for 2017-2021 approved by the Chairman of the National Bank on Dec. 15.
"One of the key directions for the National Bank in the area of currency regulation and currency control is the adaptation of the existing monitoring system over currency transactions to new economic and political conditions - the establishment of the EEU, Kazakhstan's accession to the WTO, and the minimization of risks of economic instability caused by external factors. Realization of principles of free movement of capital and labor within the framework of the EEU and Kazakhstan's membership in the WTO without prejudice to the national interests of the country will require a revision of the approaches to currency regulation and currency control, "the document says.
In connection with this Conceptual Plan of Legislative Work for 2016-2021 (the sixth convocation of the Parliament of Kazakhstan) stipulates the drafting of a new law "On Currency Regulation and Currency Control", which, among others, envisages a revision of the principles of residency in connection with Kazakhstan's accession to the World trade organization, the coverage of capital movements regardless of their classification, as well as the procedure for conducting foreign exchange operations in specialized economic zones, such as, for example, the Astana International Financial Center, the International Center for Cross-Border Cooperation "Khorgos".
The document reads that given that foreign trade transactions of residents are the main source of domestic supply and demand for foreign currency, special attention is paid in the foreign exchange control to monitoring the performance of non-residents 'monetary obligations under foreign trade contracts and residents' fulfillment of the requirement of repatriation of money resources to be received from non-residents to the country.
"The analysis of information on foreign trade operations show that the current threshold for export-import transactions subject to record-keeping at the equivalent of 50,000US dollars, taking into account the volume of foreign trade operations, ensures sufficient coverage of cross-border transactions. The effectiveness of export-import controls can be significantly increased by expansion of automation and optimization of information exchange between bodies and agents of currency control," the document says.
As for the regulation of activities related to the organization of exchange operations with cash foreign currency, one of the main tasks of the National Bank is to improve the requirements for non-bank exchange offices in order to increase the level of transparency of operations conducted by introducing requirements that are close to banking ones.
Such measures will allow to ensure the introduction of an effective system for regulating and controlling the activity of organizing exchange transactions with cash foreign exchange.