National Bank of Kazakhstan to Narrow Exchange Rate Limits for Currency Exchanges
New Restrictions for Currency Exchange Offices The National Bank of Kazakhstan has announced changes to the rules for currency operations. The new exchange rate deviation limits will be: 7 tenge for the dollar. 10 tenge for the euro. This is a significant reduction compared to the previous limits of 15 tenge for the dollar and 20 tenge for the euro.
Why Are These Changes Being Made?
According to the National Bank, the adjustments aim to:
- Reduce speculation. Narrowing the gap between buying and selling rates will help limit speculative activities in the currency market.
- Protect the financial market. The measures aim to minimize risks for market participants.
- Stabilize currency operations.
It is important to note that these restrictions will not affect non-cash transactions.
What Does This Mean for Exchange Offices and Citizens?
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For exchange offices:
- The narrower profit margin may reduce profitability, especially in times of currency volatility.
- Businesses will need to adjust their strategies to comply with the new rules.
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For citizens:
- A narrower gap will make currency transactions more predictable.
- The smaller difference between buying and selling rates may make currency exchange more accessible.
Economic Context
The National Bank has previously introduced restrictions on currency operations to stabilize the tenge. The new measure is intended to support financial stability amid global volatility and pressure on the tenge from international markets.
Conclusion
Reducing exchange rate deviation limits reflects the National Bank’s efforts to strengthen control over the currency market and mitigate risks. This initiative could be a key step in boosting confidence in the national currency and financial system.
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