How are payments for the purchase of goods and services made in the Republic of Kazakhstan?

Monetary unit of the Republic of Kazakhstan, through which payments are made on its territory for the purchase of goods and services, is tenge.

The methods of making payments in the Republic of Kazakhstan

Payments on the territory of the Republic of Kazakhstan are carried out in the form of cash and non-cash payments.

The circulation of other currencies in the Republic of Kazakhstan

The use of foreign currency, as well as payment documents in foreign currency when making settlements on obligations on the territory of the Republic of Kazakhstan is allowed in exceptional cases.

Import of currency into the territory and export of currency from the territory of the Republic of Kazakhstan

These relations are governed by the Agreement on the procedure for the movement of cash and (or) monetary instruments by individuals across the customs border of the Customs Union dated July 5, 2010.

Import or export of money, between the states of the Customs Union (Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, and Russia) is carried out without restrictions and customs declaration.

In the case of import or export of funds from the territory or to a territory that is not part of the customs territory of the Customs Union - an amount exceeding ten thousand US dollars is subject to mandatory customs declaration.

For failure to comply with the mandatory procedure for declaring or providing false information, administrative responsibility (Article 551 of the Code of the Republic of Kazakhstan on Administrative Offenses) or criminal responsibility (Article 241 of the Criminal Code of Kazakhstan) are provided depending upon the amount of undeclared currency values.

Exchange of foreign currency in the Republic of Kazakhstan is carried out by:

- commercial banks;

- exchange offices, i.e. specially equipped places for conducting exchange operations with cash foreign currency (paragraphs 1 of  paragraph 1 of Article 1 of the Law "On Currency regulation and currency control" dated June 13, 2005 No. 57).

For the commission of illegal foreign exchange operations, administrative liability is provided in the form of a warning and a fine for 50% to 100% of the amount of the transaction.

REMEMBER!

In the case of currency exchange in unidentified places, you expose yourself to deception.

Prepared by the Academy of law enforcement agencies under the General Prosecutor’s office