National Bank explained procedure for buying out old-design US dollars

Tengrinews.kz - The National Bank explained the procedure for buying out old-design US dollars. According to the regulator, the possibility of exporting banknotes issued from 1996 to 2013 was raised on behalf of second-tier banks by the Association of Financiers of Kazakhstan.

"As a temporary solution, the National Bank provides the second-tier banks with the opportunity to export foreign currency cash that is not in demand in the banking system. This mechanism provides for the National Bank to purchase foreign currency cash in dollars of the "old" model from the second-tier banks and then sell it on foreign markets. The terms of these operations have been communicated to the second-tier banks at their request," the National Bank reported in response to a request from Tengrinews.kz.

At the same time, it is specified that the National Bank does not carry out transactions with exchange offices.

"To replenish the cash desk of an exchange office with foreign currency in cash, authorized organizations must contact second-tier banks (STBs) with which they have an agreement to purchase foreign currency in cash, in accordance with the law on currency regulation," the National Bank added.

Earlier, it became known that the National Bank of Kazakhstan buys old-style dollars from banks for subsequent export abroad. At the end of last year, the People's Bank exported unclaimed cash dollars accepted from second-tier banks (STBs) in the amount of 48 million dollars.
As a result of the work carried out, the People's Bank reached an agreement directly with the US Federal Reserve System on the acceptance of old-style cash dollars. The commission fee for these transactions has now been reduced to 0.3%.
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