Parliament approves amendments to currency regulation law

The bill envisages increase of the threshold amounts to impose criminal and administrative responsibility for non-return of cash in national or foreign currency. The bill also specifies the functions of the National Bank of Kazakhstan in the part of currency regulation and control and gives extra powers to the Bank in determination of the fluctuation margins of the purchasing and selling rates of foreign exchange in the transactions conducted through exchange offices. Also the amendments simplify the procedures of currency regulation regimes and repatriation of the national foreign currency. The bill also envisages recall of the license for retail business and rendering of services for foreign cash, and legalization of the affined gold bars sale and purchase transactions between residents. The amendments suggested by the Senate were approved by the Majilis.