Kazakhstan's central bank to introduce restrictions in working hours of exchange shops

AKIPRESS.COM - The National Bank of Kazakhstan has published a draft resolution on amendments to the law of management of the National Bank of Kazakhstan dated April 4, 2019 on approval of rules of organization of exchange operations with foreign currencies in the country, Zakon.kz reported.
One of the amendments envisages change in working hours of exchange shops.
"Operating hours of exchange shops (automated exchange shops) are allowed by companies that have right to carry out exchange operations with cash foreign currencies from 10:00 am to 7:00 pm local time, the document says.
The draft resolution also implies that the registered capital of the authorized organization is formed in cash before applying to a legal entity for a license to conduct exchange operations with cash in foreign currency.
The minimum size of the registered capital of the authorized organization amounts to 100 million tenge for each exchange shop.
The draft resolution will enter into force from January 1, 2020.