NB of Kazakhstan to step up capitalization requirements for exchange booths

/IRBIS, Jan.10, 00/ - REUTERS informs, with the reference to the head of the department for currency regulation and control Bakhyt Majenova, the National Bank of Kazakhstan raised the minimum authorized capital requirement for authorized organizations, which conduct exchange transactions in foreign currencies, up to KZT250 th. from KZT72 th. "Minimum size of the authorized capital of authorized organizations is raised from KZT72 th. to KZT250 th. ($1,786)", she said. The National Bank's resolution reads (its text has been published in official press) that the organizations authorized by the National Bank (with corresponding licenses to conduct currency exchange transactions) should bring their authorized capitals into accord with the requirements of the resolution till April 1, 2000. A new instruction has been adopted by the National Bank regarding exchange booths. A certificate should be filled in upon making a transaction for $200 (previously $500) by exchange booths, and information should be collected about one time purchases of cash currency for an equivalent of $3,000. Registration procedure for exchange booths has also been simplified, is said. Currently, there are 2,381 exchange booths in Kazakhstan, including 1,104 authorized by the National Bank and 1,227 exchange booths opened by authorized banks.