Banks’ export of cash rubles from Kazakhstan increased sixfold in 2022
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The export of cash rubles by banks from Kazakhstan at the end of 2022 increased more than six times and amounted to 34.5 billion rubles, follows from the report of the National Bank of Kazakhstan (NBK) (.pdf). For the first time since 2017, Kazakh commercial banks exported more rubles than they imported. In total, 31.3 billion rubles were imported over the past year, which is 63% less than in 2021.
According to the regulator’s report published on October 6, which drew the attention of Frank Media, such a difference in the volume of exported and imported funds arose as a result of the receipt of cash rubles into Kazakhstan “through other channels.” In particular, due to currency control measures introduced in the spring of 2022 in Russia, in Kazakhstan there was a demand for cash currency from Russians who exchanged Russian rubles for American dollars in the republic.
At the beginning of July, the volume of cash ruble balances in bank cash desks increased to 37.9 billion. Moreover, in the period from July 2021 to March 2022, the average volume of cash ruble balances in banks was 7.1 billion. In this regard, the Kazakh government is temporarily lifted restrictions for banks on the export of cash rubles for conversion into non-cash form. As a result, in July–August 2022, banks took out about 34.3 billion rubles.
The regulator notes that last year, as a result of the constant influx of rubles, the net sale of Russian currency to individuals in banks decreased significantly. So the average monthly figure in 2022 was 3.7 billion rubles. against 10.7 billion rubles. in 2021. From March to December 2022, the volume of rubles purchased by banks amounted to 61 billion, while for the same period of the previous year it was at the level of 25 billion rubles.
The influx of Russians to Kazakhstan increased in September against the backdrop of partial mobilization announced in the Russian Federation. In the first month of autumn, 1.66 million Russians arrived in the republic. From July to October Russian citizens brought to banks of Kazakhstan 40 billion rubles.
In March 2022, Kazakh President Kassym-Jomart Tokayev approved a decree on measures to ensure financial stability. Among other things, the document introduced a ban on the export of foreign currency worth more than $10 thousand from the republic. At the end of July, the republican authorities allowed banks to take out cash Russian rubles, the permission was valid until August 31.
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