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Terms for withdrawing cash from Kazakh bank accounts have been changed for legal entities

27 Apr 2020 10:25 AM | Anonymous

April 23, 2020

In accordance with the Decree of the President of the Republic of Kazakhstan “On some measures to stabilize the economy” No.308 dated April 21, 2020, the National Bank of the Republic of Kazakhstan (“NBRK”) set temporary limits on the amount of cash that legal entities are permitted to withdraw from their bank accounts in one calendar month. The cash withdrawal restrictions are effective from June 1, 2020, until December 31, 2020, and are applicable to the following business entities:

 Business entity Cash withdrawal limit from bank accounts in one calendar month
Small enterprise KZT 20 million
Medium-sized enterprise                      KZT 120 million                                      
a large enterprise  KZT 150 million 

It is allowed to exceed the set limits only if: (i) the client (i.e. a legal entity of one of the above-mentioned types of business entities) provides a rationale for withdrawing cash to the bank where the cash withdrawal is expected, and (ii) the bank further obtains approval from the State Revenue Committee of the Ministry of Finance. The committee shall consider a request for cash withdrawal within three business days.

Restrictions on cash withdrawal do not apply to individuals (including individual entrepreneurs), micro-sized enterprises and other certain categories of legal entities.

We are monitoring the situation and will keep you updated on any developments. 

*Article provided by Dentons, link to the original source can be found here>>