Kazakhstan cracks down on outdoor currency rate displays amid safety concerns
Kazakhstan is contemplating a prohibition on outdoor currency rate announcements, with discussions set to commence in March. The National Bank of Kazakhstan, headed by an unnamed official, has implemented changes to regulations, with the new rules taking effect on September 9. The Association of Kazakh Exchange Offices has opposed this initiative, asserting it infringes upon the rights of both businesses and consumers.
The National Bank has argued that exchange offices were installing electronic boards with exchange rates virtually anywhere, leading to distractions and dangerous road conditions. The new amendment to the National Bank’s regulations on cash foreign exchange operations, which came into force on September 9, prohibits these outdoor displays. The new rules became binding 60 calendar days after the decree's official release on July 10. The National Bank has stated that outdoor displays are no longer necessary, as all currency exchange news is readily accessible online.
The potential ban on outdoor currency rate announcements in Kazakhstan continues to be a contentious issue. While the National Bank argues it will enhance road safety and reduce distractions, the Association of Kazakh Exchange Offices maintains it infringes upon business and consumer rights. The new rules are now in effect, and the impact of this change will become clearer in the coming months.
