New bill: Foreign companies will pay in tenge  

Foreign companies will be paid in tenge in Kazakhstan, said Deputy Chairman of Kazakhstan’s National Bank, Oleg Smolyakov.

"Also, it is related to the status of branches of foreign companies. Under the current legislation, branches of foreign corporations have the status of non-residents, and they freely carry out all settlements in foreign currency in Kazakh territory. We always talk about dedollarization, the expansion of the use of the national currency of Kazakhstan, so we change their status for them. We hope under the new law, which will adopt by the deputies, branches of foreign companies with some exceptions will have the status of residents, and they will have to calculate operations in Kazakhstan in national currency", Smolyakov said.

He also mentioned that the liberal currency regime would save for foreign companies regarding registration, notification, an opening of accounts abroad, relationships between branches, as well as relationships between branches and main companies.

"This applies mostly to legal entities; nothing changes for the population. Purchase, the sale of foreign currency, free of charge transfers will work without restrictions", explained Smolyakov.

“The Qazaq Times”