The National Bank has permanently lifted the restriction on the buying rate for the Kazakh tenge

Commercial banks, bureaux de change and microfinance organisations in Kyrgyzstan are no longer required to cap the buying rate for Kazakh tenge cash at no more than 70 per cent of the official exchange rate. The National Bank’s Board has adopted a resolution to this effect.

The regulator has repealed the temporary procedure for transactions involving the Kazakh tenge, which was introduced on 18 March 2022.

Under the previous requirements, banks, bureaux de change, microfinance and microcredit companies were required to set the buying rate for cash tenge against the som, taking into account a risk coefficient, at no more than 70 per cent of the National Bank’s official exchange rate.

The restriction was introduced against the backdrop of high volatility in the foreign exchange market in March 2022. Its stated aim was to ensure the country’s economic security and stabilise the situation in the domestic foreign exchange market.

However, in practice, this requirement had not been applied since 18 June 2025. Initially, its application was suspended until 15 September 2025; the suspension was subsequently extended—first until 15 March, and then until 15 September 2026.

The new decision does not merely extend the suspension but permanently repeals the temporary arrangement. Thus, the resolution consolidates the regime already in place in the market and precludes the possibility of the 70 per cent limit being automatically reinstated after 15 September.

At the same time, all National Bank decisions relating to the temporary arrangement cease to have effect, including resolutions amending it, suspending it and extending the suspension period.