Restriction on the export of foreign currency and gold in Kazakhstan
14.03.2022
How much foreign currency and gold may be taken out of Kazakhstan is set by Decree of the President No. 830 of 14 March 2022 “On measures to ensure the financial stability of the Republic of Kazakhstan”. The Decree is in force; it was last amended by Decree No. 489 of 28 February 2024. Below is what may not be exported now, which cases the ban does not cover, when cash must be declared at customs and what liability applies for failing to declare it.
What may not be exported
The Decree prohibits the export from the Republic of Kazakhstan of (paragraph 1):
- foreign currency in cash and (or) monetary instruments in foreign currency in an amount exceeding the equivalent of 10,000 US dollars at the rate of the National Bank set on the date of export;
- gold bars of refined gold of 5, 10, 20, 50 and 100 grams issued by the National Bank, as well as refined gold over 100 grams.
Before the 2024 amendments, the list also included the National Bank’s investment coins made of gold “ALTYN BARYS” and of silver “KÚMIS BARYS”. The current version of the Decree does not include the coins. Silver is not mentioned in the Decree either: the ban covers foreign currency, monetary instruments in foreign currency and refined gold.
The Code on Customs Regulation defines monetary instruments as traveler’s checks, bills of exchange, checks (bank checks), as well as securities in documentary form which certify the obligation of the issuer (debtor) to pay money and in which the person to whom such payment is made is not specified (Article 3(1)(2)).
Which cases the ban does not cover
The Decree lists the exceptions in paragraph 1-1. The ban does not apply to:
- operations of the National Bank and of organisations within its structure;
- the export of refined gold obtained from processing foreign raw materials imported into Kazakhstan from a state that is not a member of the Eurasian Economic Union and declared under the customs procedure of re-export on the basis of a document on the processing conditions and a state control act;
- the export of refined gold obtained from processing tolling raw materials of a member state of the Eurasian Economic Union, followed by its export to the territory of the same member state (on the basis of a conclusion on the processing conditions);
- the export by second-tier banks of non-payment and (or) unfit for circulation foreign currency in cash under an agreement with a foreign bank;
- the export by second-tier banks of cash national currency of member states of the Eurasian Economic Union not covered by the previous item;
- other cases determined by separate acts of the Government.
Paragraph 1-1 contains no separate exceptions for citizens of Kazakhstan or foreigners, for tourists or business travellers.
When cash must be declared
Under the Law “On Currency Regulation and Currency Control”, import of currency values into Kazakhstan and their export from Kazakhstan are carried out by residents and non-residents without restrictions, subject to the requirements of the customs legislation of the Eurasian Economic Union and (or) the Republic of Kazakhstan (Article 6(8)). The Code on Customs Regulation requires the declaration of (Article 343(1)(7) and (8)):
- cash and (or) traveler’s checks, if their total amount upon a one-time import into the customs territory of the Eurasian Economic Union or a one-time export from it exceeds the amount equivalent to 10,000 US dollars at the exchange rate in force on the day the passenger customs declaration is submitted to the customs authority;
- monetary instruments, except for traveler’s checks.
Under the Code, cash means banknotes, treasury notes and coins, except for coins made of precious metals, which are in circulation and are legal tender in member states of the Eurasian Economic Union or in other states, including those withdrawn from circulation but subject to exchange for banknotes in circulation (Article 3(1)(35)).
The Decree and the Code are different rules. The Decree prohibits the export from the Republic of Kazakhstan of foreign currency in cash above the equivalent of 10,000 US dollars at the National Bank rate on the date of export. The Code requires cash and traveler’s checks to be declared if their total amount when crossing the customs border of the Eurasian Economic Union exceeds the equivalent of 10,000 US dollars at the rate on the day the declaration is submitted.
The passenger customs declaration for cash and monetary instruments must state (Article 343(17)):
- details of the document confirming the right of a foreign citizen or stateless person to stay (reside) in Kazakhstan, and the address of residence (registration) or stay in Kazakhstan;
- information on monetary instruments other than traveler’s checks: type, name of the issuer, date of issue and identification number (if any);
- information on the source of the money, on its owners if the money is not the property of the declarant, and on the intended use of the money;
- information on the route and method of transportation.
Liability
- Administrative. Failure to declare or inaccurate declaration by individuals of money and monetary instruments moved across the customs border of the Eurasian Economic Union and subject to written declaration entails a fine of 25% of the undeclared or inaccurately declared amount of cash and (or) the value of monetary instruments, with confiscation of the undeclared or inaccurately declared money and monetary instruments (Article 551(3) of the Code on Administrative Offences).
- Criminal. Movement in large quantities across the customs border of the Eurasian Economic Union of goods or other items, including those prohibited or restricted from movement, committed, among other ways, in spite of or with concealment from customs control, with the fraudulent use of documents or means of customs identification, or involving non-declaration or knowingly false declaration, is economic smuggling (Article 234 of the Criminal Code). The large amount for this article is defined in Article 3(38) of the Criminal Code.
How we can help
We will review your case before a trip or a transaction: whether the export falls under the Decree’s ban or its exceptions, what has to be declared and what information to state in the declaration. If the money needs to be kept in Kazakhstan in an account, we can help under the service “Opening a bank account in Kazakhstan for foreigners and companies“.
The first consultation is free. Call us: +7 700 500 05 53 or write on WhatsApp.