Kazakhstan's currency control for exporters: contract registration and repatriation
When a Kazakh company signs an export contract above a threshold, its bank assigns the contract a registration number and tracks repatriation of the proceeds. The National Bank's currency control rules set the threshold and the timelines.
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An Almaty software company signs a $480,000 development contract with a client in Munich. Before the first payment arrives, its bank registers the contract and assigns it an account number, then tracks each receipt against it. The proceeds must arrive in Kazakhstan within the term the contract sets.
Contract registration
Kazakhstan's Law on Currency Regulation and Currency Control, with National Bank rules, requires residents to register export and import contracts above a threshold with an authorised bank. The bank assigns an account number (учетный номер) and uses it to follow payments under the contract.
Repatriation
Exporters must bring proceeds into Kazakhstan within the repatriation term, based on the contract's payment terms and the rules. Banks monitor contracts, and unresolved repatriation can lead to penalties for the exporter.
Holding foreign currency
Kazakh companies can hold foreign currency in accounts at Kazakh banks and convert to tenge when needed. Converting a planned amount ahead of payroll gives control over the rate, which has moved considerably at times.
Documents
Keep the contract, invoices, acts of services rendered and payment records for each registered contract. Banks and the tax authority use them.
Paying into Kazakhstan: the local rail
| What | Detail |
|---|---|
| Local rail | Instant payments over the National Payment System |
| Run by | National Payment Corporation of the National Bank of Kazakhstan |
| Settlement | Seconds, 24/7 |
Source: National Bank of Kazakhstan: payment systems. Checked when this guide was last updated; the scheme's own page has the current figures.
Where Rivet fits
Rivet opens business accounts for registered companies after verification. A Kazakhstan-registered company must repatriate export proceeds under currency control rules, so check with your bank before receiving funds abroad. Rivet is not a bank; regulated partner institutions hold the funds.
Questions people ask
Which contracts need a registration number?
Export and import contracts above the threshold set by the National Bank's rules. Check the current threshold with your bank.
How long do exporters have to repatriate proceeds?
The repatriation term comes from the contract and the rules. Banks monitor it against the registration number.
Can Kazakh companies hold foreign currency?
Yes, in foreign currency accounts at Kazakh banks, subject to currency control.
Can a Kazakh company keep proceeds abroad?
Repatriation rules require proceeds to be brought into Kazakhstan, with exceptions. Check with your bank before holding funds abroad.
Sources
William covers what happens once a company starts moving money: getting the business verified, paying contractors and suppliers abroad, and keeping card spend under control. William writes for the founder or finance lead who has to make it work this week, and links every rule cited to the text it comes from.
More from William Sunjo M. →This article is general information, not legal, tax or financial advice. Rules and fees change; check the sources above and the provider’s current terms before you act on them.
- kazakhstan
- currency control
- export contracts
- national bank
- repatriation
- kzt
