RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of November 15, 1999 No. 346

About cancellation of obligatory sale of revenue in foreign currency from commodity export (works, services)

In view of stabilization of situation in the domestic foreign exchange market of the Republic of Kazakhstan, considering improvement of paying balance of the country, and according to the Presidential decree of the Republic of Kazakhstan which is valid the law, "About National Bank of the Republic of Kazakhstan" of March 30, 1995 and also the Law of the Republic of Kazakhstan of December 24, 1996 "About currency control the Board of National Bank of the Republic of Kazakhstan decides:

1. Cancel in the territory of the Republic of Kazakhstan obligatory sale of revenue in foreign currency from commodity export (works, services) in the amount of 50% since November 16, 1999.

2. From the date of enforcement of this resolution to declare invalid the resolution of Board of National Bank of the Republic of Kazakhstan of March 28, 1999 N 55 "About introduction of obligatory sale of revenue in foreign currency from commodity export (works, services)".

3. To department of researches and statistics (Aymanbetova G. Z.):

1) together with Legal department (Sharipov S. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in two-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of regional branches of National Bank of the Republic of Kazakhstan and banks of the second level.

4. To management of the international relations and public relations (Sembiyev N. K.) publish this resolution in republican mass media.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Kudyshev M. T.

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