Kazakh man finds old dollars in attic: exchange and reporting rules

A man in Kazakhstan discovered a bag of dollars، likely from the 1990s، in the attic of an old summer house. He now wonders whether he can exchange the old banknotes and whether he must report the find to authorities، reports infohub.kz.

All the bills turned out to be of an old design and are no longer in circulation. According to the reader، the money was probably hidden by previous owners and forgotten during a move.

The National Bank، in response to an official inquiry from the editorial team، explained that foreign currency banknotes officially withdrawn from circulation are considered non-legal tender. However، this does not mean they cannot be exchanged. Kazakh banks that maintain correspondent relationships with foreign banks can accept such bills for collection (incasso) and send them to the issuing bank for exchange. Incasso is a banking operation where the bank، on behalf of the recipient، collects the due amount from the payer based on special documents.

The client must be informed in advance about the terms of incasso، the commission amount، and the possibility that the issuing bank may refuse to exchange the banknotes. Banks set the commission amount independently، but it cannot exceed 10 percent of the face value of the submitted bills. The owner of old banknotes can approach a bank that offers this service. The bank، for a fee، acts as an intermediary and sends the bills to the issuing bank for verification and possible exchange. However، there is no guarantee: the final decision lies with the foreign bank، which may either exchange the banknotes or refuse.

Regarding the obligation to report the find، the National Bank reminded that the procedure is governed by the Civil Code. According to Article 245، a person who finds a lost item must notify the owner or take steps to hand over the find to internal affairs bodies or the local akimat (administration) where the money was discovered. The law does not set a minimum or maximum amount triggering this obligation — the rule applies regardless of the amount found.

Earlier، government agencies answered the question of what Kazakhs who find a treasure can expect. In short، they can receive 50 percent of the value of the find، but they must report it.