16 Jan 2023 18:14

Kyrgyzstan introduces temporary restrictions on removing foreign currency from country in cash

BISHKEK. Jan 16 (Interfax) - The Kyrgyz government has introduced temporary restrictions on taking cash dollars out of the country, the Kyrgyz government press service said on Monday.

"A temporary prohibition on the removal of cash foreign currency from the country has been established with the aim of ensuring financial and economic security, stabilizing the situation on the domestic currency market, and protecting Kyrgyzstan's national interests until the adoption of a corresponding government decision," the press service said.

Nonresidents and foreign citizens are prohibited from taking over $5,000 in cash in out of the country, while residents and citizens of Kyrgyzstan may take no more than $10,000.

"If residents and Kyrgyz citizens remove U.S. dollars from the country in an amount greater than $10,000, a fee of 10% of the amount exceeding the set limit will be collected," the press service said.

They Kyrgyz Border Guard Service of the State Committee for National Security and the Kyrgyz State Customs Service have been instructed to undertake necessary measures to prevent removal of cash dollars.

The National Bank of Kyrgyzstan adopted a number of decisions last year to ensure economic security and stability on the currency and financial markets. It temporarily banned the issuance of freely convertible currencies in cash to citizens when receiving money transfers from abroad last spring and approved a resolution to temporarily restrict exchange transactions with foreign currency in the summer.