Kazakhstan cancels requirement for mandatory sale of part of forex earnings for state-owned companies until 2025

ASTANA. Aug 21 (Interfax) - The government of Kazakhstan has suspended until January 1, 2025, the rule on the mandatory sale of 30% of forex earnings by companies in the quasi-public sector, the press service of the country's National Bank reported.

"Taking into account the balance of the forex market, and in order to provide companies in the quasi-public sector with greater opportunities in managing forex flows, the government has suspended the rule on the mandatory sale of 30% of forex earnings. The decision is valid until January 1, 2025," according to the statement.

The National Bank recalls that the norm on the mandatory sale of a part of forex earnings was introduced for the first time in 2020 owing to the deterioration in external conditions. It was reduced from 75% to 50% in February 2023, and from 50% to 30% in July 2023.