Kazakhstan Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in kazakhstan, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
Select Country Guide
Trade Financing
Last published date:

Methods of Payment 

As in other markets, payment methods and terms in Kazakhstan vary depending on the company’s business model and its relationship with trading partners. For companies new to this market, requesting advance payment for goods and services may be advisable until a positive payment history is established with the Kazakh customer. Exporters should also note that Kazakh firms may face challenges in securing financing from local banks due to high interest rates and strict lending requirements.

For U.S. exporters, the safest payment method is an irrevocable letter of credit (L/C) confirmed by a major Western bank. Generally, importers must deposit enough funds, provide collateral, or secure a credit line from the issuing bank before applying for L/C. U.S. companies are advised to reconfirm payment arrangements with importers prior to shipping. Several U.S. banks accept letters of credit from leading Kazakh banks, especially those approved by the U.S. Export-Import Bank. Once a solid relationship is established, U.S. firms may consider extending short- or even long-term credit to boost sales volume, but this should be done cautiously after careful assessment of the partner’s payment reliability.

Kazakhstan made the use of International Bank Account Numbers (IBANs) and Bank Identification Codes (BICs) mandatory in June 2010. When making payments to or from an account in Kazakhstan, companies must include the beneficiary’s IBAN and the bank’s SWIFT BIC in the payment instructions. Failure to provide an IBAN may lead to payment rejection, delays, or additional fees.

For more information about payment methods or other trade finance options, please refer to the Trade Finance Guide provided by the U.S. Department of Commerce.

Banking Systems 

Kazakhstan operates a central bank system led by the National Bank of Kazakhstan (NBK) and the Agency for Regulation and Development of the Financial Market (AFR). The NBK handles core central bank functions and manages the country’s sovereign wealth fund and pension system assets, while the AFR serves as the primary financial regulator, overseeing banks, insurance companies, stock markets, microcredit organizations, debt collection agencies, and credit bureaus. 

Kazakhstan permits foreign banks to operate through branches and subsidiaries, and foreigners can open accounts at local banks if they hold a local tax registration number. There are currently 23 commercial banks in Kazakhstan with the largest five—Halyk Bank, Kaspi Bank, Bank CenterCredit, Otbasy Bank, and Forte Bank—collectively holding approximately $88.3 billion in assets, accounting for 67 percent of the total banking sector as of January 1, 2025.

Following sanctions imposed in 2022 by the United States and other countries on several Russian financial institutions, including Kazakh subsidiaries of Sberbank, VTB, and Alfa-Bank, the Kazakh government facilitated their restructuring. As of the date of this report, VTB Bank Kazakhstan is the only locally licensed SDN-listed financial institution. 

The Government of Kazakhstan has implemented measures to strengthen the banking sector, including capital injections, enhanced regulatory oversight, and expanded supervisory powers. These actions have improved the sector’s stability and asset quality. The ratio of non-performing loans to banking assets was 3.0 percent as of January 1, 2025, down from 8.6 percent in 2019, when the NBK conducted an asset quality review of 14 major banks. 

Foreign Exchange Controls 

Kazakhstan is bound by Article 8 of the International Monetary Fund’s Articles of Agreement, adopted in 1996, which prohibits government restrictions on currency conversions or the repatriation of investment profits.
Local currency legislation allows non-residents to freely receive and transfer dividends, interest, and other income from deposits, securities, loans, and other currency transactions with residents. However, currency contracts must be presented to the servicing bank if transfers exceed $10,000, and transfers over $50,000 require the servicing bank to notify the National Bank of Kazakhstan (NBK). Residents making transfers of property or money to a non-resident exceeding $500,000 must register the contract with the NBK.

Under local regulations, foreign company branches are classified as residents, while non-financial organizations are classified as non-residents based on individual agreements with the Government of Kazakhstan. With certain exceptions, transactions in foreign currencies between local residents are prohibited. Both residents and non-residents may engage in foreign currency operations, except where otherwise specified by foreign currency legislation. Companies registered with the Astana International Financial Centre (AIFC) are exempt from these currency and settlement restrictions.

U.S. Banks and Local Correspondent Banks 

Citi and JP Morgan Chase Bank are present in Kazakhstan. U.S. banks with correspondent relations with local banks include, but are not limited to, Bank of New York, Citi, and JP Morgan Chase. 

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

×

Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

Privacy Program | Information Quality Guidelines | Accessibility