Aidarkhanova K.N.
Candidate of Law, associate professor
Al-Farabi
Kazakh National University
Rakhmetoldyna A.K.
Masters
of Law
Al-Farabi
Kazakh National University
Resume
Áұë ìàқàëàäà
Қàçàқñòàí Ðåñïóáëèêàñûíäàғû âàëþòàëûқ
çàңäàðäûң қàëûïòàñó æәíå äàìóû қàðàñòûðûëûï,
âàëþòàëûқ çàңäàðäûң äàìóûíûң үø ñàòûñû
çåðòòåëåä³.
Stages
of development of the currency law of the Republic of Kazakhstan
Before discussing the formation and development of the
currency law of the Republic of Kazakhstan should apply to the history of
currency relations in a country that has long been part of the USSR. To
exchange relations in the USSR is characterized by state monopoly on currency,
which for 70 years has been the foundation of monetary policy, considered as
one of the most important and fundamental differences socialist economic system
of capitalism, so the essence of the state currency monopoly defined by the
ideals of socialism, remained unchanged throughout the period the existence of
monopolies. Despite the fact that developing legislation changed the parity of
the national currency, changing forms and methods of monetary policy, the basic
principles remain the same, keeping to the state monopoly on foreign exchange
operations.
The essence of the state currency monopoly was the
exclusive right of the state and its authorized credit institutions to commit
domestic foreign exchange transactions and currency values, management of
foreign reserves, located both within the country and abroad. The state was the
sole legal owner of the foreign currency, which is distributed from the center
in accordance with the currency up.
State currency monopoly over its existence was based
on the principle of concentration of foreign exchange reserves and unity
exchange office, requires all business entities to keep the currency only in
the accounts of an authorized bank (State Bank, Bank for Foreign Trade). All
decisions regarding foreign exchange activity, the Council of Ministers
adopted, individual ministries and agencies have limited freedom, even the most
minor and technical issues.
As for political reasons, the Soviet Union was not
included in the international economic and monetary organizations, he could
become a full participant in the global economic and financial system. A lack
of interaction with the world market at grass-roots level of economic growth
has led to the technological gap with the West and became thereof, of the
reasons for the deployment of deep systemic crisis. The use of foreign exchange
earnings and maintenance of international payments carried out by one of the
country monopolist banks - Vneshtorgbank (later Vnesheconombank). Exchange
control was carried out in the form of direct public administration, which was
manifested in the establishment of a hard ruble, limiting the number of participants
in foreign economic activity, the monopoly position of a bank in the monetary
sphere.
In other words, the state monopoly of foreign exchange
led to the true interests of the state, in practice very often substituted for
the interests of the authorities to the detriment of the state itself. Monetary
sphere to the disintegration of the Soviet Union was among the sectors of the
economy affected by the institutional arbitrariness.
The collapse of the Soviet Union and the creation in
1991 of a sovereign state - the Republic of Kazakhstan demanded of the
Government of the Republic of Kazakhstan a number of urgent measures in the
monetary sphere, aimed at ensuring the stability of the economy of Kazakhstan.
With the transition of the Republic of Kazakhstan to
the market economy faced with the task of creating a market infrastructure,
including the foreign exchange market, which would provide free exchange of
foreign currency in accordance with international law. To achieve this goal
required:
- Create a system of independent financial
institutions;
- The interbank foreign exchange market;
- Give residents the right to possess, use and dispose
of foreign currency;
- Provide access to information on foreign trade and
financial activities, including the balance of payments, foreign exchange
reserves, international credits and so. N., In accordance with international
practice;
- To establish and strengthen cooperation with
international financial organizations.
All of these tasks were carried out by the Government
of the Republic of Kazakhstan in the short term and served as the basis for the
development of the foreign exchange market of Kazakhstan.
In the context of the collapse of the Soviet Union,
Kazakhstan could not protect its economic interests without generating its own
monetary policy. The beginning of this process was the adoption of the Law «On
Currency Regulation of the Kazakh SSR» dated June 11, 1991 This Act was the
beginning of the formation of the currency law of independent Kazakhstan and
undoubtedly played an important role in the development of currency relations
in the Republic of Kazakhstan. The significance of the Law «On Currency
Regulation of the Kazakh SSR» lies in the fact that he was the first attempt to
move away from seventy official currency monopolies. The law laid the
foundation for a rethinking of the role and place of currency regulation and
its impact on financial and economic activity in the country. In accordance
with the Law «On Currency Regulation of the Kazakh SSR» state monopoly on
foreign trade was largely eliminated. All legal entities were granted the right
to carry out foreign trade activities without any special registration. At the
same time restrictions were lifted on foreign currency transactions through authorized
banks for businesses and individuals. To stimulate the development of the
foreign exchange market were allowed to open foreign currency accounts current
citizens without providing information about the origin of the currency. At the
same time, banks were obliged to issue foreign currency held in the accounts of
individuals, foreign companies and representative offices, without
restrictions. The country remained the order of the retail services to
citizens, calculations on payment of citizens in foreign currency. All these
measures have been due to the need to involve the economic turnover of money
stored in the population that has been achieved. However, these measures have
contributed to the other side of an undesirable phenomenon - the «dollarization»
of the economy.
The second stage of development of the currency law
begins with the adoption of April 14, 1993 Law of the Republic of Kazakhstan
"On Currency Regulation", which identified the principles of currency
operations in Kazakhstan, demarcated rights and duties of the subjects of
exchange relations and establishes liability for violation of currency
legislation. In accordance with the law as the main objectives of the mechanism
of foreign exchange regulation have been recognized: the maintenance of a
certain order of calculations in the national currency; training and the
introduction of market exchange rate for the national currency; Law Enforcement
currency transactions. It should be noted that during this period Kazakhstan
used as legal tender of the Russian ruble, which limited the conduct of an
independent monetary policy.
The second phase of development of the currency
legislation applies to the launch of the organized domestic foreign exchange
market. Since mid-1993, began to hold weekly auctions at the Republican
Currency Exchange. Formed under the influence of supply and demand of the ruble
exchange rate applied to all transactions concluded at an auction. In addition,
the act and the official exchange rate set by the Central Bank of Russia on the
basis of trading on the Moscow Interbank Currency Exchange. The liberalization
of foreign economic activity, not accompanied by the creation of institutions
of foreign exchange control mechanism, had as its logical consequence of the
export of capital from the country, which eventually took on the character of
capital flight.
This stage is characterized by the exchange control
measures taken to improve the mechanism of currency regulation and control in
order to maintain the stability of the Kazakhstani tenge, particularly 4 May
1994, the Resolution of the Cabinet of Ministers of the Republic of Kazakhstan
dated May 4, 1993 N 351 «On the sale of foreign currency earnings for services
foreign currency».
In November 1993, the Government decides to introduce
in the territory of the Republic of Kazakhstan national currency - tenge / 1 /.
Issuance of its own currency to November 15, 1993 allowed the Government of the
Republic of Kazakhstan and the National Bank of Kazakhstan to conduct their own
economic, monetary and exchange rate policies. The introduction of the national
currency was carried out in difficult conditions severance of economic ties
between the republics of the former USSR, the landslide recession and galloping
inflation. In the context of an insufficient level of foreign exchange reserves
to maintain the tenge was implemented mode selection controlled floating
exchange rate. To smooth fluctuations in the exchange rate, a sufficient amount
of foreign exchange reserves in the state. In this regard, the adoption of
Decree of the President of the Republic of Kazakhstan December 27, 1993 «On
urgent measures for the formation of foreign exchange reserves of the state and
streamline the costs of currency» was a necessary measure under the regime of
managed-floating exchange rate of tenge. / 2 / The National Bank was forced to
pursue a policy of smoothing fluctuations, reduce the amplitude of oscillation.
Thus, in the case of a significant excess of demand over supply of foreign
currency in order to avoid the strong devaluation of the tenge, the National
Bank to intervene in the foreign exchange market, i.e. To sell the currency,
reducing foreign exchange reserves. In case of excess of supply over demand,
the National Bank to buy foreign currency in order to avoid strong tenge
strengthening.
With the introduction of the national currency there
is a need of a financial institution to regulate the formation of exchange
rates and the functioning of the domestic foreign exchange market. In 1993 he
was created Kazakhstan Interbank Currency Exchange.
For the formation of a liquid foreign exchange market
and reversibility tenge Decree of the President of the Republic of Kazakhstan
«On urgent measures for the development of the foreign exchange market of the
Republic of Kazakhstan» / 3 / from January 1, 1994 payment of export and import
duties carried out by residents in tenge. For all enterprises temporarily
introduced mandatory sale of 50% of foreign exchange earnings through
authorized banks on the Kazakhstan Interbank Currency Exchange. This procedure
does not apply to already established enterprises with foreign capital.
Retailers carrying out trade in foreign currency, also pledged to take and
Kazakh tenge.
The measures taken to increase the demand for tenge
and liquidity of the currency market. To prevent speculation National Bank
added prudential standards for commercial banks another - open currency
position limits. In February 1994, were lifted restrictions on the export of
legal entities products purchased in Kazakhstan tenge, and enterprises -
producers of goods - given the right to freely export products abroad, except
for goods subject to quotas and licensing. These measures have contributed to
the increased use of tenge in international settlements and payments.
In 1994, the ball passed the Law «On Foreign
Investments» / 4 /, which guaranteed freedom of remittance and repatriation of
profits for foreign investors. Reducing inflation from 125.8% in 1994 to 60.3%
in 1995 and the simultaneous decline in the devaluation of the tenge against
the US dollar from 76% in 1994 to 18% in 1995, helped to stabilize the foreign
exchange market for the first time after the introduction of tenge. Also
introduced a ban on legal entities barter. As a result of increased supply of
foreign currency in the market of Kazakhstan and the efficiency of trading.
This will reduce the mandatory sale of 50% to 30% and then completely cancel
it. This was facilitated by the adoption of April 17, 1995 Law of the Republic
of Kazakhstan «On Licensing».
Achieved relative stability of the exchange rate and
the foreign exchange market have made it possible to take further steps to
liberalize. Since November 16, 1995 by the National Bank were removed existing
restrictions on prepayment contracts for the importation of goods and services
in excess of 30%, and introduced a free procedure for conversion and purchase
of foreign currency on the domestic market for non-residents who have accounts
in tenge. It should be noted that the current procedure for obtaining
permission to make an advance payment in excess of 30% has played a positive
role. In particular, increased quality of contracts and discipline of
participants of foreign trade transactions.
Decree of the President of the Republic of Kazakhstan
«On measures to strengthen and develop the foreign exchange market of the
Republic of Kazakhstan for 1995» has been banned for retail foreign currency
and canceled the licenses, except for trade, ticket sales to foreign citizens.
A characteristic feature of the foreign exchange
market in 1996 was the creation of the first time in the history of sovereign
Kazakhstan mechanism of hedging currency risks: trading in currency futures. In
the same year was another step towards the liberalization of the foreign
exchange market of the republic, and the rate of export of foreign currency
without providing confirmation documents has been increased to 10 thousand US
dollars.
July 16, 1996, Kazakhstan joined the Article VIII of
the IMF Agreement, establishes the obligation of States to ensure that our
national currency convertibility on current operations. This step gave
Kazakhstan significant advantages. Convertibility provided to domestic
enterprises to compete with foreign producers. For goods - objects of foreign
trade - a system of rational price ratio. In the domestic market is expanding
access to imported investment goods and technology that contributes to the
effectiveness of national production. Currency convertibility on current
operations encourages the country to produce goods and services for which it
has a comparative advantage, and thus contributes to implement structural
reforms in the economy.
However, in force at the time the legislation is
clearly not in line with the achieved level of liberalization of the foreign
exchange market, and in December 1996 a new law of the Republic of Kazakhstan
«On Currency Regulation» / 5 /, marked the beginning of the third stage of
development of the currency law. The law allows to conduct current operations without
restrictions, which meant legislative support Kazakhstan's initiative to accede
to the Agreement, the IMF's currency. Operation with the movement of capital
subject to any licensing or registration.
Overall, 1997 saw a number of important regulations governing
foreign exchange transactions, which include: Resolution of the Board of the
National Bank of the Republic of Kazakhstan dated April 24, 1997 ¹ 129 «On the
Regulation on the registration of foreign exchange transactions involving the
movement of capital»; «Rules of currency operations in the Republic of
Kazakhstan», approved by Resolution of the Board of the National Bank of the
Republic of Kazakhstan dated May 23, 1997 ¹ 206;
Along with the regulations on licensing activities
related to the use of foreign currency; registration of foreign exchange
transactions involving the movement of capital, foreign exchange operations;
introduced a mechanism of export-import foreign exchange control, the idea of
which was in the dock on the timing and volume of goods transported across the
border and payments. But export-import currency control was introduced with
some delay. By the time the flight of capital, the extent of which are
reflected in the article «errors and omissions» for 1995-1997 amounted to 1.9869
billion. US dollars. Moreover, during this period the balance has increased 9.3
times. Perhaps the flight of capital from the country would be much less if
exchange controls would be introduced before, as, for example, in Russia - in
1993.
In 1998, the foreign exchange market remained the most
dynamic sector of the financial market. During the year there was a marked
increase in the demand for foreign currency and increased devaluation
expectations after the Russian financial crisis. The growth of exchange rate of
the US dollar relative to tenge was this year's 10.7%.
Despite the significant reduction in capital inflows
during this period, the National Bank of the Republic of Kazakhstan was
introduced Instruction "On mandatory sale of foreign currency earnings
from exports of goods (works, services)" / 6 /. Increase foreign exchange
earnings as a result of the introduction of a mandatory 50% sales revenue from
exports and rising world commodity prices, combined with a reduction in
transaction demand for foreign currency as a result of the devaluation of the
tenge, provided the increase in supply of foreign currency in the domestic
market. Operations in the domestic foreign exchange market, conducted by the
National Bank of Kazakhstan in April 1999, allowed to suspend the reduction of
foreign exchange reserves. According to the results of the third quarter
reserves of the National Bank of Kazakhstan in foreign currency increased by
122 million. US., And for a total of 9 months of 1999, the balance of payments
deficit financing from the reserves of the National Bank of Kazakhstan amounted
to 150 million dollars.
In 1999, due to low world prices for the main export
item, the state budget deficit, increase the value of the debt by the
Government of the Republic of Kazakhstan on April 3, 1999 ¹ 360 «On the policy
of the exchange rate» in order to restore the competitiveness of Kazakhstan's
economy, improve the trade balance of the country , increase its foreign
exchange reserves and create the conditions for the resumption of economic
growth was the transition to the regime of freely floating exchange rate
(SPOC), which is characterized by a withdrawal of the state from active
participation in the process of setting the exchange rate of the exchange. This
mode allows to eliminate the re-evaluation of the tenge, which was associated
with a significant devaluation of the national currencies of the CIS countries,
and thus restore the competitive position of Kazakh producers.
An important innovation in the third stage was the
start of trading in euros. To balance the supply and demand of foreign currency
was introduced mandatory sale of 50% of export earnings, which is due to the
normalization of the situation in the currency market from November 15 has been
canceled Decision of the Board of the National Bank of the Republic of
Kazakhstan "On the abolition of compulsory sale of foreign exchange
earnings from exports of goods (works, services ) "/ 7 /.
Improving the legal framework of foreign exchange
regulation was carried out in order to liberalize foreign exchange operations.
Changing the licensing procedures of foreign exchange operations was aimed at
simplifying them at the same time strengthening control over the export of
capital. The measures taken have produced results: the amount of the item
"errors and omissions" decreased in 1999 to 437.6 million. US
dollars, compared with 1998, the number of legal entities applying for a
license to the National Bank. So, if in 1997 it was granted 18 licenses to
carry out operations involving the movement of capital, in 1998 - 96, in 1999 -
121, in 2000 - 214. However, at present there are difficulties to monitor the
ongoing operations . One of the channels of escape captan abroad remains
non-payment of export proceeds and non-arrival of goods in repayment of
payments for imports.
In 2000-2001. observed gradual depreciation of the
tenge, which does not disturb the stability of the currency market. To organize
currency transactions and to prevent the uncontrolled outflow of capital national
currency - tenge - is included in the concept of monetary value.
Along with the strengthening of foreign exchange
controls, the Government of the Republic and take measures to liberalize
foreign exchange regulation. So increase the amount of one-time transfer of
three thousand dollars to ten thousand dollars; increase the minimum amount
required mandatory registration certificate, the certificate with the purchase
in exchange offices to five hundred dollars; simplified licensing procedure for
companies to manage pension assets. On September 5, 2001 introduced
«Instruction on the organization of export-import currency control in the
Republic of Kazakhstan», which improves the export and import currency control
/ 8 /.
Changes were made and the activities of the cash
market. In accordance with international practice was eliminated the concept of
«dilapidation» currencies, and introduced the concept of «payment» and
«non-payment» currency.
The government continues to implement a policy of
liberalization of the currency regime / 9 /. In this regard, the National Bank
has developed the main directions of monetary policy for 2002-2004, according
to which the National Bank plans to keep the regime freely floating exchange
rate, which causes fluctuations depending on external factors. This will help
to maintain price competitiveness of Kazakhstani goods in foreign markets.
National Bank will not interfere with the formation of the exchange rate, carrying
a minimal presence in the domestic foreign exchange market if necessary to
prevent speculative leaps exchange rate Tenge / 10 /.
Main directions and stages of currency liberalization
reflected in the concept of liberalization of the exchange rate regime in the
Republic of Kazakhstan / 11 /, in accordance with which to implement the first
phase of the program adopted by the liberalization of the foreign exchange
regime in the Republic of Kazakhstan for 2003-2004. The program determines the
removal of certain restrictions on the most attractive and economically viable
currency transactions. The Program includes improving the information base on
foreign currency transactions, the creation of an effective mechanism to
prevent large-scale speculative operations on the domestic market and control
of short-term capital flows, as well as ordering and facilitation of exchange
control. Implementation of the program will create conditions for the
transition from the restrictive regime of currency regulation to market forms
and methods of monitoring and control of large-scale and potentially
destabilizing capital flows / 12 /.
The second and third stages of liberalization assume
full liberalization of the exchange rate regime, i.e. the transition from
permissive to the registration, notification procedure of currency transactions
and currency convertibility for current and capital transactions. To achieve
this goal will be prepared by the appropriate exchange rate regime
liberalization program for 2005-2007, a principle of full convertibility of the
national currency. In this case, for the Government and the National Bank to
retain the right to impose restrictions in the event of a crisis / 11 /.
In force during this period currency legislation
already played a role in the development of currency relations and no longer
meet the requirements of the rapidly developing market relations. Further
liberalization of the exchange rate regime should be accompanied by a high
degree of responsibility for the implementation of the residents of the
requirements established by the currency legislation. Therefore, there is need
to review and strengthen the sanctions for violation of the currency
legislation requirements. Unfortunately, the current system of exchange control
due to the lack of reliable communication and coherence in the actions of the
various bodies and currency control agents, due to imperfect legal framework is
inefficient and cannot ensure that the interests of the national economy.
Therefore there is a need to systematize and simplify the existing procedure of
exchange control. All this led to the adoption of the new law - On Currency
Regulation and Currency Control, which made up for the shortcomings of the Law
of the Republic of Kazakhstan «On Currency Regulation», played a major role in
the regulation of currency relations during their formation and development in
the market, and a new stage of development of currency relations in a market
economy in Kazakhstan.
Relevant for Kazakhstan remains a problem in the international
market. One of the major problems impeding the exit of Kazakhstan on the
international market is the problem of convertibility of tenge. In fact, the
Kazakhstan Tenge is partially convertible currency in the presence of a number
of foreign exchange restrictions. Already the only reason why Kazakhstan cannot
be a full participant in the global currency market.
Full participation of Kazakhstan in the international
currency market operations implies the elimination of the most ambitious
foreign exchange restrictions and the introduction of external convertibility
of the tag. The transition to full convertibility of the tenge becomes a
strategic objective of the Government of the Republic of Kazakhstan in the
field of international monetary and credit relations. Monetary union of the CIS
countries - an important step to achieve this goal. In this regard, on the
initiative of the President of the Republic of Kazakhstan N.A. Nazarbayev was
created an economic union of the CIS countries, which began with the formation
and development of the institutional and legal framework of the Customs Union
of Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan and its subsequent
conversion into the Eurasian Economic Community (EurAsEC). And 10 October 2000,
the President of the Republic of Belarus, Kazakhstan, the Kyrgyz Republic, the
Russian Federation and the Republic of Tajikistan signed the Agreement on the
Establishment of the Eurasian Economic Community, Kazakhstan ratified the Law
of the Republic of Kazakhstan on April 2, 2001 [12].
Kazakhstan's accession to the International Monetary
Fund has meant a significant change in its macro-economic relations, as with
the neighboring countries, as well as with foreign countries. Firstly, with the
neighboring countries facilitated the task of forming a monetary union. In this
area becomes very real monetary union on the basis of full convertibility of
the national currency of Kazakhstan, Russia, Belarus and Kyrgyzstan. The
introduction of full convertibility of currencies within the individual groups,
while maintaining foreign exchange restrictions on current account is not
contrary to the statute of the International Monetary Fund and subject to the
conditions of discrimination monetary policy. Second, expanding opportunities
Kazakh firms in making payments and payments for international transactions.
They no longer need to sell half of export earnings for tenge, and therefore do
not have a problem with the purchase of foreign exchange for imports. The
existing practice of conducting two accounts: a transit currency account, which
receives all foreign exchange earnings of the company and the foreign currency
account, which is credited to its balance after the mandatory sale - become
obsolete themselves and become unnecessary. Thirdly, there will be new
opportunities for using tenge as a means of international payments. Under these
conditions, non-resident foreign firms will be able to freely use the tenge in
settlements with Kazakh partners. They will also have the right to acquire for
tenge on the domestic market of Kazakhstan any hard currency. Fourth,
Kazakhstan's accession to the International Monetary Fund is very important in
terms of increased investment flows. Elimination of exchange restrictions means
for foreign investors legal recognition of property rights abroad
transportation of income from investments.
All of this will enhance the status of the Kazakhstani
tenge and make serious progress in achieving its full convertibility and
foreign exchange market on its most important characteristics closer to
international standards.
Legislative draft plans of Government of the Republic
of Kazakhstan for 2004 [13] and the Action Plan for 2003-2006 to implement the
concept of development of the financial sector of the Republic of Kazakhstan
[14] provides for the implementation of measures for development of the Law of
the Republic of Kazakhstan «On counteraction to legalization (laundering) of
proceeds from illegally, Law of the Republic of Kazakhstan «On currency
Regulation and Currency Control », as well as monitoring the implementation of
foreign exchange transactions in the domestic market. The adoption of the new
Law of the Republic of Kazakhstan «On Currency Regulation and Currency Control»
has completed the first phase and to create the necessary legislative basis for
the implementation of the second phase of the liberalization of the foreign
exchange regime.
Adopted on 17 June 2005 of the Law of the Republic of
Kazakhstan «On Currency Regulation and Currency Control in the Republic of
Kazakhstan» was the beginning of a new way - the fourth stage in the
development of the foreign exchange law in the country.
It should be noted that the Law «On Currency
Regulation and Currency Control» expanded the list of concepts used in it. So,
unlike the previous law, it includes concepts such as «underlying», «currency
transactions», «exchange contract», «foreign banks», «commercial loans»,
«transaction passport», «derivative financial tools», «financial loans».
Excluded from glossary term «currency regulation˗ and changed the concept
of «investment» and «export-import transactions» respectively «direct
investment» and «exports (imports)».
Law of the Republic of Kazakhstan «On Currency
Regulation and Currency Control» provides for the need for licensing activities
related to the use of currency values, and foreign exchange [15, p. 7]. In
contrast to the previous currency legislation it narrowed range of licensed
activities related to the use of currency values. Currently, such activities
include only retail trade, services for foreign currency cash and organization
of exchange operations with foreign currency by authorized organizations -
legal entities - established under the laws of the Republic of Kazakhstan, the
sole activity of which is the organization of exchange operations foreign
currency. In addition, the license for retail trade and services for cash
foreign currency is issued only to persons performing activities in the customs
regime of duty-free shop, as well as on the sea, inland waterway, air, rail and
road transport, to make international transportation.
New in the currency legislation is also maintaining
currency monitoring in order to create a database on currency operations, as
well as to improve the statistics, analysis and forecasting of the balance of
payments, external debt and international investment position of the Republic
of Kazakhstan [15, p. 1, Art. 11]. Currency monitoring carried out by the
National Bank of the Republic of Kazakhstan.
In general, the law of the Republic of Kazakhstan
"On Currency Regulation and Currency Control" is aimed at the
liberalization of currency relations and the subsequent action involves the
subsequent abolition of the rules governing the licensing procedure of currency
transactions and other restrictions on foreign exchange transactions.
National currency legislation feature is that most
currency relations in the Republic of Kazakhstan are regulated by laws and
regulations. Powers of the main body of currency regulation and currency
control - National Bank of the Republic of Kazakhstan - for the adoption of
regulations on currency issues are broad. Thus, the Law «On Currency Regulation
and Currency Control», gives the right to address a number of issues relating
to exchange control, at the discretion of the National Bank. In other words,
the Law «On Currency Regulation and Currency Control» is essentially reference
nature, passing the legal regulation of currency relations National Bank. As a
result, the currency legislation of the Republic of Kazakhstan actually
consists of regulations - regulations of the National Bank.
Today we are talking about creating a single economic
space in the former Soviet Union, which began with the formation and
development of the Customs Union of Belarus, Kazakhstan and Russia and its
subsequent conversion to the Euro-Asian Economic Community (EAEC).
EAEC is created for a number of powers of the Member
States are mainly economic. Data transfer of authority in no way affects the
sovereignty of the member states of the international organization.
Experience in creating various regional alliances in
the global community shows that the creation and development of a common
economic space and the integration of financial systems must be gradual and go
towards the development of trade and economic relations, business development
and investment, the development of monetary, financial and monetary relations,
consistent harmonization of legislation, conducting a coordinated social
policy.
In the context of the integration process in the
post-important value has monetary integration. Monetary integration -
objectively determined process of creating the active assistance of the
participants in the regional areas, within which is provided a relatively
stable ratio of exchange rates, the joint regulation of currency relations of
the participating countries and a single monetary policy in relation to third
countries.
Monetary integration is a prerequisite for the
integration process within the EAEC, as was within the EU - today the most
advanced integration group of developed countries. The Western European version
of the currency area is a monetary union based on a single currency with
economic internal origin. Therefore, the experience of monetary integration in
Europe is not without interest in the construction of a common economic,
including foreign exchange, space.
Unlike the EU Member States should EAEC in the short
term to strengthen the national currency, creating a huge, integrated national
financial market with a total volume of instruments, as otherwise in a
globalizing world financial flows it will be very difficult to compete with the
leading world currencies and financial centers and take their rightful place in
the global monetary system. One of the first steps to make the Member States
EAEC towards the single currency area - it is the unification of the currency
legislation.
The next step in preparation for the long-term
objective to create a single monetary union and the single currency of the
Institute in the medium term it is planned to intensify efforts towards the
creation of a single payment system. At this stage, the National Bank jointly
with the Integration Committee and the central banks of EAEC will continue to
work to establish and improve the overall system of international payments that
can provide an effective, risk-free and rapid implementation of interstate
payments in the mode of using mutual convertibility of national currencies.
Creation of a common currency area member countries EAEC is essential to the
development of economic relations, and can create a powerful impetus for the
effective development of mutual trade between the Member States EAEC.
These activities will be an initial step towards the
integration of the financial systems of the EAEC. During this period must be
set the stage for the introduction of the single currency. In the following
will be created supranational authority for the common policy of the EAEC, as
well as put into the clearing and cash flow single currency.
As we can see, has taken the first steps towards a
single currency area - established international organization - the
European-Asian Economic Union - created controls EAEC, unified legislation
within the Union and so on. D. But there is still a lot to do on the way to a
single economic space, and are important for the member countries of the EAEC,
including potential, is the adoption of decisions that would best meet their
interests and abilities. Only in this case established within the Economic
Union single currency area will be able to provide monetary and financial
security of its member EAEC.
Summarizing the above, we distinguish four stages of
formation and development of the currency legislation of the Republic of
Kazakhstan:
- The first stage - from 11 June 1991 to 14 April 1993
- the establishment of an independent Kazakhstan currency legislation;
- The second stage - from 14 April 1993 to 24 December
1996 - the definition of the foundations of legal regulation of currency
relations;
- The third stage - from 24 December 1996 to 17 June
2005 - harmonization of monetary relations in the Republic of Kazakhstan;
- The fourth stage - from 17 June 2005 to the present
time - improving the legal framework of currency regulation and control.
1. Decree of the President of the Republic of
Kazakhstan dated November 12, 1993 ¹ 1399 «On the introduction of the national
currency of the Republic of Kazakhstan».
2. Decree of the President of the Republic of
Kazakhstan dated December 27, 1993 ¹ 1483 «On urgent measures for the formation
of foreign exchange reserves of the state and streamline the exchange costs».
3. Decree of the President of the Republic of
Kazakhstan dated December 31, 1993 ¹ 1484 «On urgent measures for the
development of the foreign exchange market in the Republic of Kazakhstan».
4. The Law of the Republic of Kazakhstan dated
December 27, 1994 ¹ 266-XIII «On foreign investments».
5. The Law of the Republic of Kazakhstan dated
December 24, 1996 ¹ 54-1 «On Currency Regulation».
6. Instruction «On mandatory sale of foreign currency
earnings from exports of goods (works, services) », approved by the Board of
the National Bank of Kazakhstan on March 28, 1999 ¹ 54.
7. Resolution of the Board of the National Bank of
Kazakhstan on November 15, 1999 ¹ 346 «On the abolition of compulsory sale of
foreign exchange earnings from exports of goods (works, services) ».
8. Resolution of the Board of the National Bank of
Kazakhstan dated September 5, 2001 ¹ 343 «On approval of the Instruction on the
organization of export and import currency control in the Republic of
Kazakhstan».
9. Resolution of the Board of the National Bank of
Kazakhstan dated September 11, 2002 ¹ 369 «On approval of the Concept of the
liberalization of the foreign exchange regime in the Republic of Kazakhstan».
10. Monetary policy of the National Bank in 2002-2004.
- // Kazakhstanskaya Pravda, November 15, 2001
11. The concept of development of the financial sector
of the Republic of Kazakhstan, approved by Decree of the Government of the
Republic of Kazakhstan dated July 28, 2003 ¹ 753.
12. The Republic of Kazakhstan. On ratification of the
Treaty establishing the Eurasian Economic Community // Bulletin of the
Parliament of the Republic of Kazakhstan. - 2001. ¹ 9.
13. The Government of the Republic of Kazakhstan. On
approval of the laws of the Government of the Republic of Kazakhstan for 2004:
Resolution of January 23, 2004 ¹ 73 // National Center for Legal Information.
Database search program «Law».
14. The Government of the Republic of Kazakhstan. On
approval of the Action Plan for 2003-2006 to implement the Concept of
development of the financial sector of the Republic of Kazakhstan: Resolution
of March 9, 2004 ¹ 287 // SAPP of the Republic of Kazakhstan. - 2004.
15. The Republic of Kazakhstan. Act of June 13, 2005 ¹
57. On Currency Regulation and Currency Control // Kazakhstan truth. - 2005.