The National Bank has reported an increase in complaints from Kazakhstani citizens regarding refusals by exchange points to exchange so-called "white" dollars, which were issued between 1996 and 2013, according to Tengrinews.kz.
The National Bank reminded that these banknotes are legal tender and must be accepted at exchange points in Kazakhstan without any fees, provided they are genuine and undamaged.
How does currency exchange work in Kazakhstan?
The legislation does not allow for fees on the exchange of cash foreign currency if the banknotes are undamaged and not deemed unfit for circulation. However, second-tier banks have the right to set fees for cash transactions according to their internal tariff policies.
Currency exchange fees
"It should be noted that fees may be charged by exchange points only if the banknotes being exchanged are deemed unfit for payment or circulation," the National Bank stated.
In second-tier banks, the amounts of fees and tariffs are regulated by the laws of Kazakhstan.
Where to complain about violations?
Furthermore, if an exchange point charges a fee or differentiates cash foreign currency based on the year of issue of the banknotes, or if there is an unjustified refusal to exchange currency, it is necessary to file a complaint with the territorial branch of the National Bank at the location of the exchange point. The complaint should include information along with any relevant documents for appropriate legal measures to be taken. Contact information for the territorial branches of the National Bank can be found on the official website of the NBK.
Recall that previously, Kazakhstani citizens complained about the illiquidity of old-style American currency, especially when traveling to Southeast Asia, the Persian Gulf, and Egypt. The Association of Exchange Points of Kazakhstan also explained why there have been sudden issues with old-style dollars this year.
Later, the National Bank commented on the situation with "white" dollars.
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