Kazakhstan lifts its ban on ruble withdrawal

According to the National Bank of Kazakhstan, the government has suspended the ban on the withdrawal of the Russian ruble. Even though the document was signed by Prime Minister Alikhan Smailov on December 28, this information went public only on January 4.

The cabinet’s decree has already entered into force and will last 60 calendar days. The Ministry of Finance and the Committee on National Security are set to supervise its implementation.

The National Bank noted that the decision to allow the withdrawal of rubles from Kazakhstan has been driven by the need to convert the ruble into non-cash form. As a result, banks will be able to add funds to their corresponding accounts. Given that Kazakhstani banks have access to various tools for non-cash payments or money transfers, the move is going to reduce the risk of accumulating too many rubles, the regulator said.

In March 2022, President Kassym-Jomart Tokayev put a ban on the withdrawal of foreign currencies in cash (more than $10,000 or its equivalents), fine gold and bullion coins from the country. In June, Kazakhstan exempted fine gold bars from this rule.