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Astana, Kazakhstan • 03 August, 2022 | 17:00

Kazakh Banks Allowed to Export Russian Rubles Again

The decree comes a few months after the prohibition of cash and gold export

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The government of Kazakhstan has allowed second-tier banks to export Russian rubles from the country, Qazmonitor reports citing Azattyq Rýhy. The decree of the Cabinet of Ministers was published on the website of the Reference Bank of Regulatory Legal Acts of the Republic of Kazakhstan.

The document grants permission to "second-tier banks of the Republic of Kazakhstan to export Russian rubles from Kazakhstan until August 31, 2022, within the limits of accumulated volume in cash desks data as of 23:59 on July 1, 2022."

In March of this year, President Tokayev introduced the prohibition of the export of foreign currency and gold from the country. In June, the president made changes to the document, according to which there were exceptions in it.

In July, the National Bank explained the reason for the large accumulation of rubles in Kazakhstan:

"Due to Kazakhstan's high trade relationship with the Russian Federation, cash rubles have accumulated in Kazakhstani banks due to restrictions on their export from the country. This was influenced by such factors as a significant volume of cross-border trade, as well as the free movement of citizens of the countries."

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