"The main task of the law is extension of monitoring of currency operations and reduction of foreign currency on the accounts on the territory of Kazakhstan. The bill adoption will not affect simple people as liberal principles of currency regulation will be kept for them," said Daniyar Akishev, chairman of the National Bank.
He presented the main blocks of the bill.
"First, it is recognition of branches of foreign organizations as residents. According to the current legislation, the branches of foreign organizations which work as non residents, have right for currency operations inside Kazakhstan. We plan to transfer their transactions with Kazakhstan's entities into tenge. These amendments will provide equal rights for business for local companies and branches of foreign organizations," he said.
The coverage of currency operations with non residents with facilitation of procedures of collection of information about currency operations will be extended.
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