National Bank changes requirements for tenge exchange rate
The National Bank of Kyrgyzstan made changes to the temporary procedure for conducting operations with the Kazakh tenge by commercial banks, exchange offices, microfinance and microcredit companies of Kyrgyzstan. Official website of the bank says.
From now on, the requirements for setting the buying rate of the Kazakh tenge (using a risk weighting factor of not more than 70 percent) do not apply to commercial banks’ operations on purchase of non-cash Kazakh tenge from persons involved in the export of goods, works and services to the territory of Kazakhstan on the basis of export contracts.
«The exchange rate of the Kazakh tenge against the som is freely determined (on a contractual basis) between a commercial bank and exporters,» the statement says.
