Kazakhstan’s third-largest bank halts dollar transactions

Bank CenterCredit (BCC), Kazakhstan’s third-largest bank by assets, has temporarily suspended dollar transactions at its ATMs.

«BCC ATMs are temporarily unavailable for withdrawals, deposits and exchanges of U.S. dollars. We apologize for the inconvenience and appreciate your understanding,» the bank announced in a statement on its website.

The bank’s PR office stated that the suspension was due to ongoing technical upgrades aimed at enhancing ATM security. BCC plans to resume dollar operations by Jan. 15.

The bank had previously clarified recent changes to currency transaction rules for companies in Kazakhstan, which took effect on Jan. 1, 2025. Under the new regulations, if a company requests more than $50,000 in foreign currency within a single business day, it must specify the purpose of the transaction and provide the bank with a foreign exchange contract (FEC). Any unused currency must be sold back within 10 business days.

Additionally, the bank will now require an FEC for every request, regardless of the amount. Failure to provide the necessary documentation will result in the transaction being declined. When transferring foreign currency to the bank, companies must also specify the date of currency purchase, as well as the number and date of the FEC.

As of Dec. 1, 2024, BCC’s assets totaled approximately $13 billion, a 6.1% increase month-on-month (MoM). The loan portfolio grew to nearly $7 billion, while net income saw a 13.2% rise MoM, reaching around $300 million.

Founded in September 1988, BCC’s controlling shareholders as of January 2025 are businessman Bakhytbek Baiseitov, who holds a 40.11% stake, and entrepreneur Vladislav Lee, who owns 9.23%.