Kazakhstan to Phase Out Old 5000 Tenge Banknotes from September 24
The National Bank of Kazakhstan has announced a nationwide initiative to replace old 5000 tenge banknotes. From September 24, these notes, issued in 2011, will no longer be accepted for payments. However, the bank ensures a smooth transition by allowing free exchange of these notes at its branches and selected second-tier banks.
The National Bank has partnered with the Association of Financial Organizations to set up commission-free cash desks in various bank branches. This service is available indefinitely at the National Bank's branches and will continue for three years at other participating banks and JSC 'Kazpost'.
While the National Bank waives commission fees, second-tier banks and 'Kazpost' can set their own charges. The Swiss National Bank, for instance, facilitates free exchange through its cash desks and cantonal banks acting as agents. There are no volume restrictions on the exchange of old banknotes for new ones.
The National Bank's initiative aims to phase out old 5000 tenge banknotes and ensure a seamless transition. With commission-free exchanges available at numerous branches and no volume restrictions, the public can conveniently replace their old notes with new ones.
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