Information about the National Bank of the Republic of Kazakhstan, functions and tasks of the National Bank

Information about the National Bank of the Republic of Kazakhstan, functions and tasks of the National Bank, history of the bank’s creation

Definition

Objectives of the National Bank

Functions National Bank Republic of Kazakhstan.

Managment structure

History of the National Bank of Kazakhstan

Measures of the National Bank of the Republic of Kazakhstan to maintain price stability and ensure financial stability (using the example of 2007)

Economy and the National Bank of the Republic of Kazakhstan

National Bank of the Republic of Kazakhstan today

Kazakhstan Mint of the National Bank of the Republic of Kazakhstan

NBK Banknote Factory

Corporate implementation: National Bank of Kazakhstan

Representative office of the NBRK in the Russian Federation

The National Bank of the Republic of Kazakhstan is(Kazakhstan Ulttyk Banki) is the central bank of the Republic of Kazakhstan. Contents The legal status and functions of the Bank are defined in the laws “On the National Bank of the Republic of Kazakhstan” and “On Banks in the Republic of Kazakhstan”. In accordance with the law “On the National Bank of the Republic of Kazakhstan”, the independence of the National Bank from administrative and executive authorities, its accountability only to the Supreme Council and the President of the Republic of Kazakhstan is noted, it also states that the National Bank of the Republic of Kazakhstan is the central bank of the Republic of Kazakhstan and represents the top level banking system Republic of Kazakhstan".

The National Bank of the Republic of Kazakhstan (National Bank of Kazakhstan) is the Central Bank of the Republic of Kazakhstan, represents the upper (first) level of the banking system of the Republic of Kazakhstan, is accountable to the President of the Republic of Kazakhstan within the limits established by the Decree of the President of the Republic of Kazakhstan, having the force of the Law, "On the National Bank of the Republic of Kazakhstan ", is guided by the Constitution and other legislative acts of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan, international treaties and agreements of the Republic of Kazakhstan.

The National Bank of Kazakhstan is a legal entity, has an independent balance sheet, operates on the principles of full self-financing and, together with its subordinate divisions, represents a single centralized structure with a vertical chain of command.

The National Bank of Kazakhstan coordinates its activities with the Government of the Republic of Kazakhstan and holds regular consultations with it. It also takes into account in its activities economic policy Government and promotes its implementation, if this does not contradict the performance of its main functions and the implementation of monetary and monetary policy. The Government is not responsible for the obligations of the National Bank of Kazakhstan, just as the National Bank of Kazakhstan is not responsible for the obligations of the Government, except in cases where it assumes such responsibility. Bodies of representative and executive power do not have the right to interfere in the activities of the National Bank of Kazakhstan and its structural divisions in the implementation of its legally established powers.

The National Bank of Kazakhstan, on the basis and in pursuance of the laws of the Republic of Kazakhstan, on issues within its competence, issues regulations, mandatory for all banks, non-banking financial organizations carrying out certain types of banking operations on the basis of licenses issued by the National Bank of Kazakhstan (hereinafter referred to as banks) and their clients, as well as other legal entities and individuals in the territory of the Republic of Kazakhstan. Regulatory acts of the National Bank of Kazakhstan are published in the official publications “Kazakhstan Ulttyk Bankinin Khabarshysy” - “Bulletin of the National Bank of the Republic of Kazakhstan” in Kazakh and Russian languages.

The National Bank of Kazakhstan has a seal with the image of the State Emblem of the Republic of Kazakhstan and with its name. Structural divisions of the National Bank of Kazakhstan that have the status legal entity, have their own stamp. The National Bank of Kazakhstan has its own emblem. The central office of the National Bank of Kazakhstan is located in Almaty.

Official exchange rates of KZT against 29 major currencies and SDR are set by the National Bank of Kazakhstan on a daily basis. The official exchange rate of the tenge to the US dollar is determined on the basis of the weighted average exchange rate of the tenge to the US dollar, formed at the morning (main) session [by 11.00 Almaty time (GMT+6)] of the Kazakhstan Stock Exchange for the previous business day. The tenge exchange rate to other currencies is calculated using cross rates established as of 15:00 Almaty time of the previous working day.

Official exchange rates are established without the obligation of the National Bank to buy or sell foreign currency at these rates.

The National Bank of the Republic of Kazakhstan issues commemorative, anniversary and investment coins that reflect the life, culture, ethnic characteristics, telling about the flora and fauna of the country.

Commemorative coins - issued from precious and non-precious precious metals:

Base metals are issued in denominations of 20, 50, 100 tenge;

Of the precious ones - in denominations of 100, 500, 1000, 5000, 50000 tenge.

Investment coins - are issued from gold, in denominations of 1000, 2500, 5000, 10000 tenge.

Commemorative coins in denomination of 20 tenge made of nickel silver were issued from 1995 to 1999. The diameter of the coins was 31 mm, thickness 2 mm. The front side (obverse) of all coins is identical. It depicts the coat of arms of Kazakhstan in the upper part, below it is the inscription “20 TEҢGE”, located in two lines. To the left and right of the denomination of the coins are depicted elements of the national ornament. Along the circumference counterclockwise - the inscription “KAZAKSTAN ULTTYK BANKS” (National Bank of Kazakhstan)

Commemorative coins in denomination of 50 tenge made of nickel silver have been issued since 1999, when a coin was issued dedicated to the solemn welcoming of the third millennium by Kazakhstan. The diameter of all commemorative coins of this denomination is 31 mm, thickness 2 mm.

The National Bank of Kazakhstan issued five types of bimetallic commemorative coins with a face value of 100 tenge (four coins are dedicated to the 10th anniversary of the introduction of the national currency - the tenge, the fifth - to the 60th anniversary of the UN). All coins have the same image on the obverse: in the center, against the background of a grooved circle, there is an inscription in two lines indicating the denomination of the coin “100 TEҢGE”. The circle depicts three elements of the national ornament, separated in the upper part by an octagonal rosette, on the left - the inscription “KUB” (an abbreviation for Kazakhstan Ulttyk Banki - National Bank of Kazakhstan), on the right - the trademark of the Kazakhstan Mint. There is a protruding edge around the circumference. The inner disk of the coins is made of white nickel silver alloy, the outer ring is made of yellow nickel silver alloy. Coin diameter 24.5 mm, thickness 1.90 mm, weight 6.45 g.

Objectives of the National Bank

The main goal of the National Bank is to ensure price stability in the Republic of Kazakhstan.

To achieve the main goal, the National Bank is assigned the following tasks:

development and implementation monetary policy states;

ensuring the functioning of payment systems;

implementation currency regulation And exchange control;

Promoting financial system stability.

Functions of the National Bank of the Republic of Kazakhstan

The main task of the National Bank of Kazakhstan is to ensure the internal and external stability of the national currency of the Republic of Kazakhstan. The National Bank of Kazakhstan is also entrusted with: - development and implementation of state policy in the field money circulation, credit, organization bank payments and currency relations that contribute to the achievement of goals economic development Republic of Kazakhstan and its integration into world economy; - assistance in ensuring a stable monetary, credit and banking system; - protection of the interests of creditors and depositors of banks, as well as clients of organizations carrying out transactions for the purchase, sale and exchange of foreign currency, by adopting acts regulating the activities of banking and other organizations, and monitoring their compliance.

The National Bank of Kazakhstan, in accordance with the tasks assigned to it, performs the following main functions:

implementation of state monetary policy in the Republic of Kazakhstan;

acting as a bank and agent for the Government and other government bodies;

exercising control and supervision over the activities of banks, as well as regulating their activities;

implementation of currency regulation and currency control in the Republic of Kazakhstan;

management of gold and foreign exchange reserves.

In order to implement the state monetary policy, the National Bank of Kazakhstan:

regulates the volume of money supply in circulation;

regulates the level of banking interest rates in the Republic of Kazakhstan by changing official rates.

buys and sells bonds, certificates of deposit, discount and interest-bearing securities with maturities of no more than one year, which the National Bank of Kazakhstan considers suitable for securing loans;

carries out transactions with derivative financial instruments;

issues checks and bills in any currency;

makes proposals to the Ministry of Finance on the issues of the schedule for issuing government securities and repaying government debt, taking into account their impact on the liquidity of the banking system and monetary policy priorities;

sets growth targets for one or more indicators of the money supply in circulation;

sets interest rates on its transactions;

carries out interventions on foreign exchange market;

establishes the standard for minimum required reserves deposited with the National Bank of Kazakhstan, including with possible differentiation by terms, volumes and types of funds raised (reserve requirements);

determines the types of payment instruments allowed for circulation on the territory of the Republic of Kazakhstan and establishes the rules for their circulation.

In order to implement the function of issuing banknotes and coins on the territory of the Republic of Kazakhstan, the National Bank of Kazakhstan:

Determines the structure of denominations, the design of banknotes and coins based on the concept approved by the President of the Republic of Kazakhstan, the required number of banknotes and coins, and ensures their production;

has the exclusive right to issue cash Money organizing their circulation by selling banknotes and coins to banks to obtain a non-cash equivalent;

establishes the procedure for determining the validity and exchange of used banknotes and coins, their withdrawal from circulation, storage and destruction;

establishes rules for accounting, storage, transportation and collection of cash banknotes and coins, participates in ensuring the transportation, storage and collection of banknotes and coins, creates reserve state funds of banknotes and coins.

In order to carry out the function of a bank of banks, the National Bank of Kazakhstan:

organizes a refinancing system in the Republic of Kazakhstan;

provides loans for a period of no more than six months secured by first-class (highly liquid, risk-free) securities and other assets;

is the lender of last resort for second-tier banks, and therefore has the right to provide them with loans in the national and foreign currency, both secured and unsecured, in the manner and for the terms established by the Board of the National Bank;

determines the procedure, system and forms of payments in the Republic of Kazakhstan, organizes the functioning payment system ensuring timely and uninterrupted execution of interbank settlements in Kazakhstani tenge;

has the right to unquestionably write off funds from the accounts of clients and banks if it is established that they were credited in error or funds credited on the basis of payment documents with obvious signs of forgery.

In order to perform the functions of a bank and agent of the Government and other government bodies, the National Bank of Kazakhstan:

participates in servicing the internal and external debt of the Republic of Kazakhstan, the guarantor of which is the Government of the Republic of Kazakhstan;

undertakes necessary measures day of prevention debit balance according to the accounts of the Ministry of Finance of the Republic of Kazakhstan;

on the basis of an agreement concluded with the Ministry of Finance, places government securities;

carries out depository activities in relation to government securities;

in exceptional cases, carries out operations related to credit and settlement and cash service organizations financed from the state budget.

In order to exercise control and supervision over the activities of banks and regulate their activities, the National Bank of Kazakhstan:

issues permits to open banks, subsidiary banks on the territory of the Republic of Kazakhstan and gives consent to open branches, both on the territory of the Republic of Kazakhstan and abroad, and representative offices of non-resident banks;

issues licenses to carry out banking operations, as well as other operations carried out by banks, and conduct audits banking;

in accordance with the procedure established by it, carries out a mandatory examination of prospectuses for issuing securities of banks before their registration, and also gives consent for banks to carry out certain types of professional activities in the securities market;

issues mandatory regulations for all banks, as well as non-banking financial institutions and their clients on issues of banking, accounting, settlements, currency transactions within the powers determined by law, and also exercises supervision over their compliance;

establishes methodology and rules accounting in banks, list, forms, deadlines for submitting accounting, banking and other reports, as well as responsibility for their violation to ensure control and supervisory functions;

in order to streamline settlements, it has the right to establish, in agreement with the Government of the Republic of Kazakhstan, the order of payments from settlement, current, budget and other accounts made by banks and all business entities, unless otherwise provided by legislative acts;

establishes rules and instructions that are mandatory for banks and their clients;

establishes licensing procedures and standards for banks;

checks the activities of banks and their finals, including through on-site inspections or inviting an audit organization, and receives from banks such information as it deems necessary and appropriate for the correct implementation of its console and supervisory functions, requires clarification on the information received;

determines the calculation methodology and principles for applying prudential standards for banks;

determines the procedure for accounting for open currency positions for banks and monitoring this position;

determines the procedure for the formation of provisions and revaluation accounts of banks on the day of securing bad and doubtful assets, currency and interest rate risks;

in case of violation of legislative and regulatory acts, applies enforcement measures to banks, in accordance with the Decrees of the President of the Republic of Kazakhstan, which have the force of law, “On the National Bank of the Republic of Kazakhstan”, “On Banks and Banking Activities”;

receives from banks balance sheets, reports and other documents necessary to provide console functions of the National Bank of Kazakhstan;

establishes the economic responsibility of banks and their clients for violations of the rules for performing settlement transactions;

establishes types and legal regime accounts, procedure and conditions for opening, using and closing accounts.

In order to ensure currency regulation and currency control, the National Bank of Kazakhstan:

determines the scope and procedure for circulation of foreign currency and securities in foreign currency in the Republic of Kazakhstan, introduces the necessary restrictions on transactions in foreign currency, including the volume of such transactions and the level of interest rates;

establishes the rules for conducting operations with foreign currency and securities in foreign currency by residents and non-residents in the Republic of Kazakhstan;

establishes for residents the procedure for the mandatory transfer, import, export and transfer of foreign currency and securities in foreign currency to the Republic of Kazakhstan, and also determines the feasibility, procedure and conditions for opening accounts in foreign currency of residents of the Republic of Kazakhstan in banks outside the Republic of Kazakhstan and issues permission to their discovery;

establishes the rules for issuing and will issue licenses to banks to carry out banking operations with currency values ​​and banking services settlements in foreign currency for currency transactions, and also exercises control over their activities;

establishes the rules for issuing and will issue licenses to institutions engaged in the purchase, sale and exchange of foreign currency to carry out foreign exchange transactions and exercise control over their activities;

regulates the exchange rate of the national currency of the Republic of Kazakhstan to foreign currencies;

develops uniform forms of accounting, reporting, other documentation and statistics of currency transactions, and also determines the procedure and timing for their submission;

maintains and publishes the Register of Authorized Banks; - in cases where it is established that licensees have violated the legislation of the Republic of Kazakhstan, it has the right to revoke issued licenses to carry out banking operations with currency values, trading and non-trading operations in foreign currency;

organizes international payments, improves monetary, financial and credit settlement relations with foreign countries;

attracts funds in foreign currency from foreign and international organizations in accordance with concluded government agreements;

attracts funds in foreign currency from foreign and international organizations in accordance with concluded government agreements;

defines the types of external assets that can be held in external reserves;

issues permission to export currency valuables, and also maintains records bank loans received from abroad;

makes proposals on issues of attracting additional loans from abroad.

The National Bank of Kazakhstan has the right to carry out the following operations with currency values:

buy and sell foreign currency;

buy, sell or transact in treasury bills and other securities issued and guaranteed by foreign governments or international financial institutions;

open and maintain accounts in foreign central banks, banks and other authorized financial organizations outside the Republic of Kazakhstan, as well as international financial organizations;

open and maintain accounts, act as a representative or correspondent for a foreign central bank, banks and other authorized institutions outside of Kazakhstan, foreign governments and their agents, and international financial organizations.

In order to manage gold and foreign exchange reserves, the National Bank of Kazakhstan:

forms gold and foreign exchange reserves and carries out transactions with them;

in accordance with the Decree of the President of the Republic of Kazakhstan, which has the force of Law, “On state regulation of relations related to precious metals and precious stones”, participates with the right of first purchase in primary trading in refined precious metals, buys precious metals from Kazakhstan to replenish the gold and foreign exchange reserves of the National Bank of Kazakhstan and other manufacturers (sellers);

receives purchased refined precious metals and natural precious stones in raw and processed forms into the storage facility of the National Bank of Kazakhstan. Carries out their storage and sale in accordance with current legislation. On behalf of the President or the Government of the Republic of Kazakhstan, accepts for storage in the vault of the National Bank of Kazakhstan the values ​​included in the government (budget) reserve;

carry out licensing of operations related to precious metals, precious stones and jewelry in the manner determined by the current legislation of the Republic of Kazakhstan;

carries out operations on the territory of the Republic of Kazakhstan and on the foreign market for the purchase and sale of gold, other precious metals in bars, coins, nuggets and other forms, as well as natural precious stones in raw and processed form.

The National Bank of Kazakhstan, in accordance with current legislation:

participates in the creation and activities of organizations that contribute to the implementation by the National Bank of Kazakhstan of the functions assigned to it;

compiles and regularly publishes the consolidated balance sheet of banks of the Republic of Kazakhstan and own balance;

develops forecast calculations for internal and external assets; carries out deposit and settlement operations, accepts securities and other valuables for safekeeping;

carries out other banking operations, as well as transactions on its own behalf in accordance with its tasks, unless this is directly prohibited by the Decree of the President of the Republic of Kazakhstan, having the force of the Law, “On the National Bank of the Republic of Kazakhstan”;

enters in accordance with government policy external debt management restrictions for banks on the volume of attracting loans from abroad;

provides banks with the necessary analytical and information materials on contractual terms, provides advisory and practical assistance in organizing banking;

participates in training and advanced training of personnel for the National Bank system. Through the Coordinating Council for Banking Training, it participates in the retraining of personnel for second-tier banks;

carries out other functions, powers and rights in accordance with the legislation of the Republic of Kazakhstan.

The National Bank of Kazakhstan submits an annual report to the President of the Republic of Kazakhstan within the period established by the President .

Managment structure

The National Bank is accountable to the President of the Republic of Kazakhstan, but within the limits of the powers granted to it by law, it is independent in its activities.

The National Bank coordinates its activities with the Government of the Republic of Kazakhstan, takes into account the economic policy of the Government in its activities and facilitates its implementation, if this does not contradict the performance of its main functions and the implementation of monetary policy.

The supreme governing body of the National Bank is the Board, and the operational management body is the Board of Directors.

The structure of the National Bank of Kazakhstan includes:

central apparatus, consisting of 11 departments (one department in Astana), 10 independent departments and 1 independent department

16 territorial branches and two branches in Almaty: Center cash transactions and storage of valuables and the Center for Supporting the Activities of the National Bank

Representative office of the National Bank in the Russian Federation

4 reporting organizations:

Republican state enterprise with the right of economic management "Kazakhstan Center for Interbank Settlements of the National Bank of the Republic of Kazakhstan"

Republican state enterprise with the right of economic management "Banking Service Bureau of the National Bank of the Republic of Kazakhstan"

Republican state enterprise with the right of economic management "Kazakhstan Mint of the National Bank of the Republic of Kazakhstan"

Republican state enterprise with the right of economic management "Banknote Factory of the National Bank of the Republic of Kazakhstan"

The governing bodies of the National Bank of Kazakhstan are the Management Board and the Board of Directors (Directorate).

The supreme governing body of the National Bank of Kazakhstan is the Board. The Board of the National Bank of Kazakhstan consists of nine people. The Board of the National Bank of Kazakhstan includes: the Chairman of the National Bank of Kazakhstan, his four deputies and the head of the accounting service of the National Bank of Kazakhstan, one representative from the President of the Republic of Kazakhstan and two representatives from the Government of the Republic of Kazakhstan. Members of the Board of the National Bank of Kazakhstan from the President of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan and the National Bank of Kazakhstan are appointed and dismissed, respectively, by the President of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan and the Chairman of the National Bank of Kazakhstan.

The functions of the Board of the National Bank of Kazakhstan include:

development of state monetary policy;

approval of regulations developed by the National Bank of Kazakhstan relating to the activities of banks;

definition nominal value and design of banknotes and coins based on the concept approved by the President of the Republic of Kazakhstan;

establishment of a centralized refinancing rate for operations of the National Bank of Kazakhstan with banks and the budget of the Republic of Kazakhstan;

making decisions on issuing permission to open banks and revoking them;

making decisions on issuing licenses to conduct certain types of banking operations, suspension and cancellation;

approval of reserve requirements for banks;

approval of the types of external assets that can be held in external reserves;

approval of the procedure for determining the exchange rate of the currency of the Republic of Kazakhstan;

annual approval of the strategy for managing gold and foreign exchange reserves of the National Bank of Kazakhstan;

annual approval of the accounting policy;

making decisions on the introduction and abolition of the regime of mandatory sale of proceeds in foreign currency from the export of goods (works, services);

consideration, adoption and submission for approval of the President of the annual report on the work of the National Bank of Kazakhstan;

consideration and approval of the annual consolidated balance sheet of the banking system of the Republic of Kazakhstan, profit and loss statement;

approval of the Regulations on the National Bank of Kazakhstan, the structure of the National Bank of Kazakhstan, appointment and dismissal of department directors, heads of regional departments and other structural divisions of the National Bank of Kazakhstan;

approval of prudential standards for banks;

determination and approval of working conditions, the system and amount of remuneration, social security for employees of the National Bank of Kazakhstan and its divisions;

establishing the official salary of the Chairman of the National Bank of Kazakhstan;

making decisions on the participation of the National Bank of Kazakhstan in international organizations;

approval of the composition of the Board of Directors (Directorate) of the National Bank of Kazakhstan;

establishing standards for the annual publication of banks' annual reports, balance sheet and profit and loss accounts;

approval of the list of zones recognized as offshore;

approval of the list of information about the founders of banks;

approval of the procedure and amount of funds placed by banks with foreign participation in domestic assets;

approval of the procedure for licensing banking operations;

approval of requirements for bank premises and equipment;

making decisions on mothballing banks;

making a decision on restructuring debts to the National Bank and the Ministry of Finance of the Republic of Kazakhstan in relation to second-tier banks and organizations in which a temporary management (conservation) regime has been introduced;

change in the amount of penalty interest and penalties accrued on banks’ debts to the National Bank of the Republic of Kazakhstan.

Meetings of the Board of the National Bank of Kazakhstan are held as necessary, but at least once a month. Extraordinary meetings of the Board of the National Bank of Kazakhstan are convened at the request of the Chairman of the National Bank of Kazakhstan or three members of the Board. Members of the Board of the National Bank of Kazakhstan are promptly notified of the appointment of a meeting of the Board and 10 days before the appointed date are provided with materials of the meeting of the Board. Members of the Board of the National Bank of Kazakhstan have the right to request additional information on issues submitted for consideration by the Board. Members of the Board of the National Bank of Kazakhstan maintain the confidentiality of the information received. Meetings of the Board of the National Bank of Kazakhstan are chaired by the Chairman of the National Bank of Kazakhstan, and in his absence, his replacement. The Board is authorized to make decisions in the presence of at least two thirds of the members of the Board, including the Chairman of the National Bank of Kazakhstan, or a person replacing him. The decision of the Board is made by a simple majority of votes of the members present. In case of equality of votes, the vote of the Chairman of the National Bank of Kazakhstan is decisive. The Chairman of the National Bank of Kazakhstan, no later than within a week, has the right to return the decision of the Board with his objections for re-discussion and voting. If the Board, by two-thirds of the votes of their total number, confirms the previously made decision. The Chairman of the National Bank of Kazakhstan signs the decision.

Members of the Board of the National Bank of Kazakhstan are responsible for decisions made by the Board, even if they did not vote for their adoption, but did not immediately declare their disagreement with by decision. Issues for consideration by the Board are submitted by the Directorate and members of the Board. On issues within his competence. The Board of the National Bank of Kazakhstan adopts resolutions. The work procedure of the Board of the National Bank is determined by its Regulations. The Board of Directors of the National Bank of Kazakhstan is located in the city of Almaty.

The Chairman of the National Bank of Kazakhstan is appointed by the President of the Republic of Kazakhstan with the consent of Parliament for a period of 6 years. The Chairman acts on behalf of and represents, without a power of attorney, the National Bank of Kazakhstan in relations with government agencies, banks, credit, international, foreign and other organizations. The Chairman of the National Bank of Kazakhstan has the right to resign by submitting his written statement to the President of the Republic of Kazakhstan two months before resigning. The Chairman of the National Bank of Kazakhstan is dismissed from office by the President of the Republic of Kazakhstan. The Chairman of the National Bank of Kazakhstan is responsible for the activities of the National Bank of Kazakhstan. The Chairman of the National Bank of Kazakhstan is vested with the authority to make operational and executive-administrative decisions on issues of the activities of the National Bank of Kazakhstan, with the exception of the powers stipulated by the current legislation for the Board of the National Bank of Kazakhstan.

Deputy Chairmen of the National Bank of Kazakhstan are appointed by the President of the Republic of Kazakhstan, on the proposal of the Chairman of the National Bank of Kazakhstan, for a period of 6 years, regardless of the terms of appointment of the Chairman of the National Bank of Kazakhstan. The Deputy Chairmen represent the National Bank of Kazakhstan without a power of attorney and sign documents within their competence. Deputy Chairmen are dismissed from office by the President of the Republic of Kazakhstan upon the proposal of the Chairman of the National Bank of Kazakhstan. The Deputy Chairman of the National Bank of Kazakhstan may resign by submitting his written application to the President of the Republic of Kazakhstan, through the Chairman of the National Bank of Kazakhstan, two months before resigning.

The operational management body of the National Bank of Kazakhstan is the Board of Directors (Directorate) of the National Bank of Kazakhstan. The Board of Directors includes the Chairman of the National Bank of Kazakhstan, his deputies, heads of structural divisions of the National Bank of Kazakhstan on the recommendation of the Chairman of the National Bank of Kazakhstan. The composition of the Board of Directors of the National Bank of Kazakhstan is approved by the Board of the National Bank of Kazakhstan. The Chairman of the National Bank of Kazakhstan presides over meetings of the Board of Directors. On his instructions, a meeting of the Board of Directors may be chaired by a person replacing the Chairman of the National Bank of Kazakhstan. The Board of Directors makes decisions on all issues within the jurisdiction of the National Bank of Kazakhstan, with the exception of those issues that fall within the competence of the Board and the Chairman of the National Bank of Kazakhstan. Decisions of the Board of Directors are made at regularly held meetings, at least once a month, by a simple majority of votes of the members of the Board of Directors present, provided that at least two-thirds of the members of the Board of Directors are present. The Board of Directors adopts resolutions on issues within its competence. The work procedure of the Board of Directors is determined by its Regulations.

History of the National Bank of Kazakhstan

The National Bank of Kazakhstan was created almost immediately after the creation of the Republic of Kazakhstan. (see also History of Kazakhstan).

In October 1990, the Supreme Council of the Kazakh SSR adopted the Declaration of State Sovereignty of the Republic.

On December 7, 1990, the Supreme Council of the Republic of Kazakhstan adopted the Law “On Banks and Banking Activities in the Kazakh SSR”

On June 20, 1991, the resolution of the Supreme Council of the Kazakh SSR “On the Charter of the National State Bank of the Kazakh SSR” was adopted. In accordance with the Resolution, the National State Bank became the property of the republic and became the Central Bank.

On April 13, 1993, in accordance with the Law “On the National Bank of the Republic of Kazakhstan”, the National Bank of the Kazakh SSR was renamed into the National Bank of the Republic of Kazakhstan.

Measures of the National Bank of the Republic of Kazakhstan to maintain price stability and ensure financial stability (using the example of 2007)

In the first half of 2007, the monetary policy of the National Bank of the Republic of Kazakhstan was aimed at pursuing a policy of increasing rates on monetary policy operations, as well as taking measures to absorb excess liquidity of banks.

Liberalization contributed to the regulation of excess liquidity in foreign currency currency regime. From January 1, 2007, the Law of the Republic of Kazakhstan “On Currency Regulation and Currency Control” completely abolished restrictions on capital transactions between residents and non-residents.

The main instrument of monetary policy in the first half of 2007 was the issue of short-term notes. In January-July, the volume of issued short-term notes amounted to 3.8 trillion. tenge (2.1 times more than in the corresponding period of 2006). The weighted average yield on notes increased from 4.69% in December 2006 to 5.64% in December 2007.

Starting from March 1, 2007, the National Bank of the Republic of Kazakhstan began issuing notes with maturities of up to 1 year (before March 1, notes with maturities of only 28 days were issued). The notes were issued with maturities of 28 days (1 month), 3 months, 6 months and 1 year.

In January-July 2007, deposits worth 4.1 trillion were attracted from second-tier banks. tenge, which is 34.5% less than in the corresponding period of 2006. Bank deposit balances with the National Bank of the Republic of Kazakhstan decreased by 86.2% to 18.2 billion tenge at the end of July 2007. The decrease in the volume of bank deposits with the National Bank of the Republic of Kazakhstan was due to a decrease in their attractiveness compared to short-term notes.

In the domestic foreign exchange market in January-July 2007, the National Bank of the Republic of Kazakhstan acted primarily as a buyer of foreign currency. However, the volume of net purchases of foreign currency was insignificant - USD 291 million.

By issuing short-term notes, the National Bank of the Republic of Kazakhstan not only completely absorbed the tenge liquidity received by banks as a result of the operations of the National Bank of the Republic of Kazakhstan in the domestic foreign exchange market (40.8 billion tenge) and as a result of reducing balances on bank deposits with the National Bank of the Republic of Kazakhstan (113.4 billion tenge), but also part of the excess liquidity of banks (163.4 billion tenge).

Over the course of 11 months of 2007, the official refinancing rate remained at 9.0%, and the rate on deposits attracted by the National Bank of the Republic of Kazakhstan from second-tier banks, which was set at? from the official refinancing rate - 4.5%. On December 1, 2007, both rates were increased to 11.0% and 5.5%, respectively.

In the second half of 2007, the National Bank of the Republic of Kazakhstan, responding to the changing situation and the manifestation of a liquidity shortage among banks caused by the global crisis, took steps to ensure the stability of the financial system by providing liquidity to banks. The choice in favor of ensuring financial stability was correct, and many central banks followed this path, including developed countries.

In order to provide banks with short-term tenge liquidity, the National Bank of the Republic of Kazakhstan has increased the volume of reverse repo transactions since August 2007, began conducting currency swap transactions secured by foreign currency, as well as secured by the balances on correspondent accounts of banks with the National Bank of the Republic of Kazakhstan in freely convertible currency. Also, the National Bank of the Republic of Kazakhstan resumed the practice early repayment own short-term notes.

In addition, the National Bank of the Republic of Kazakhstan introduced new form refinancing loans, namely short-term loans secured by balances on correspondent accounts of banks with the National Bank of the Republic of Kazakhstan in national currency. These refinancing operations were carried out with a period of 7 days.

During the period from August to December 2007, the National Bank of the Republic of Kazakhstan carried out reverse repo transactions in the amount of 723.9 billion tenge, and currency swap transactions in the amount of 4043.1 billion tenge. As of the end of December 2007, the volume of debt outstanding by banks to the National Bank of the Republic of Kazakhstan for reverse repo transactions amounted to 4.0 billion tenge, for currency swap transactions – 123.8 billion tenge.

Beginning in August 2007, the demand from banks for short-term notes decreased significantly, as a result of which notes with a circulation period of only 28 days were issued. The volumes of operations of the National Bank of the Republic of Kazakhstan to attract deposits were carried out in insignificant volumes. This was due to the lack of “free” liquidity of banks.

As a result, the volume of notes in circulation decreased to 228.9 billion tenge (in general for 2007 - a decrease of 57.1%), the volume of bank deposits in the National Bank of the Republic of Kazakhstan - to 9.9 billion tenge (in general for 2007 year – decrease by 92.4%).

In the domestic foreign exchange market in August-December 2007, the National Bank of the Republic of Kazakhstan acted primarily as a seller of foreign currency. The volume of net sales of foreign currency reached 6.5 billion US dollars.

The result of the operations of the National Bank of the Republic of Kazakhstan in the domestic market was the replenishment of liquidity of second-tier banks by 58.2 billion tenge for August-December 2007.

In August, the National Bank of the Republic of Kazakhstan revised the mechanism of minimum reserve requirements. The changes were aimed at reducing the base of reserve liabilities and expanding the structure of reserve assets, which allowed banks to additionally release, according to an estimate, 150 billion tenge. These changes came into force on October 9, 2007.

In addition, in July 2007, changes were adopted to the minimum reserve requirements. In accordance with them, the standard for internal obligations is reduced from 6% to 5%, and the standard for other (including external) obligations increases from 8% to 10%. Considering that in the structure of second-tier banks’ liabilities the volume of other liabilities exceeds the volume of domestic liabilities, these changes were supposed to additionally “bind” part of the banks’ excess liquidity. The introduction of these standards was planned in August 2007.

However, taking into account the emergence of banks' problems with liquidity, the date for the entry into force of new minimum reserve requirements standards was postponed to July 1, 2008.

The result of the measures taken by the National Bank of the Republic of Kazakhstan in 2007 was a significant slowdown in the growth rate of money supply. In 2007, the monetary base contracted by 2.5% (in 2006 – an expansion of 126.4%) to 1,464.3 billion tenge. According to preliminary data for 2007, the money supply increased by 25.5% (for 2006 - by 78.1%) to 4613.7 billion tenge, cash in circulation - by 23.1% (by 45.9%) up to 739.7 billion tenge.

Economy and the National Bank of the Republic of Kazakhstan

A decade and a half has passed since the national currency, the tenge, was introduced in Kazakhstan by the Decree of the Head of State N.A. Nazarbayev on November 15, 1993.

The events of those years forced Kazakhstan to leave the ruble zone, although by and large many hoped to preserve the familiar Soviet ruble as a kind of symbol that unites people in the post-Soviet space.

After gaining sovereignty, Kazakhstan began full-scale economic reforms and the introduction of its own national currency.

On initial stage After independence, Kazakhstan entered a very difficult period of transformation, which affected literally all aspects of the life of the state. It was about creating an effective system of public administration, ensuring socio-political stability, and carrying out painful reforms in the social sphere and the financial and credit system.

The economic recession in the country in the period 1991–1995 can be said to have surpassed the most dramatic in world history, the Great Depression in the United States. Loose monetary policy plus price liberalization, which created a desire to raise prices to world levels, led to hyperinflation, which in 1992 exceeded 2500%. In conditions of high inflation, imbalance of income and expenses budget system, sustainable budget deficit, rising energy prices, uncontrolled monopoly of producers, the country needed to develop an independent tough financial and monetary policy; without the introduction of its own national currency, it was impossible to implement such a policy.

The activities of the newly created commercial banks at that time were carried out almost spontaneously in the complete absence of the legal framework, proper supervision and control by any supervisory authorities specially created for this purpose.

Strengths, means, level of qualifications of employees of the central bank of the Republic of Kazakhstan, who for the first time faced new complex problems of overcoming inflation, mastering new forms and methods monetary regulation economy in market conditions and the implementation of supervision over the activities of commercial banks were insufficient to ensure the healthy functioning of the financial and credit system of the republic.

In Kazakhstan, it was necessary to create practically from scratch a new viable model of the banking system that would meet the requirements market economy, the central link of which was the National Bank of the Republic of Kazakhstan. The most important function of the central bank was to ensure stability, reliability, and soundness of the state's banking system.

The formation of Kazakhstan as a sovereign state, the integration of the republic into the world economy, analysis and consideration of international experience economic reforms contributed to the adoption of a package of fundamental laws on the banking system and currency regulation in the country at the X session of the Supreme Council of the Republic of Kazakhstan, held in April 1993.

The previously existing unified law “On Banks and Banking Activities in the Kazakh SSR” (dated December 7, 1990) no longer met the new economic and political conditions, was too general, did not differentiate the functions of the central bank and commercial banks, did not define their legal status, which Ultimately, it often led to violations of current legislation. At the same time, the functions and tasks of the State Bank of the Republic were determined by its legal status as a “republican office of the State Bank of the USSR”, which in fact was not endowed with sufficient rights to control and supervise the activities of newly created commercial banks and to take certain measures of influence against them in necessary cases. These and many other reasons (insufficient protection of depositors, the definition of new functions of the National Bank and commercial banks in the field of currency regulation, etc.) served as the basis for the adoption of three new laws “On the National Bank of the Republic of Kazakhstan” (04/13/1993), “On Banks” in the Republic of Kazakhstan" (04/14/1993), "On currency regulation" (04/14/1993).

What fundamentally distinguished the new banking legislation from the previous one? The new law on the National Bank expanded and specified the functions and tasks of the central bank of the republic. For the first time, the sole owner of the authorized capital of the National Bank, represented by the Supreme Council of the Republic of Kazakhstan, was legislated, the funds of the National Bank, the procedure for the formation and distribution of profits were determined. An equally important innovation in the law was the establishment of two levels of the management structure of the National Bank. The first level is the Board, which, unlike the previous one, consists of five representatives from the National Bank and four representatives from the Presidential Council, the Supreme Council, the Ministry of Finance and the Ministry of Economy.

According to the legislators of the Republic of Kazakhstan, such a coalition composition of the upper level of management of the National Bank was dictated by the global nature of the tasks it solves, and the desire to make the management of the central bank of the republic the most competent and comprehensive. The board had to make decisions on issues relating to the entire credit system of the republic.

The second level of management is the Board of Directors (directorate), consisting of department directors, appointed by the Board to solve the operational tasks of the National Bank.

If we trace the evolution of central banks using the example of the leading developed countries of the world, we can note several main trends.

Firstly, the influence of the political structure of a society and its political traditions on the position occupied by the central bank in a given society is great. For example, the position of the central bank in conducting monetary policy in the USA, Germany and the Netherlands is very strong. Central banks in these countries have their own monetary policy objectives and decision-making autonomy.

Secondly, independent central banks are moving in their development from the position of the central bank as a “state within a state” to a close coordination link in the conduct of monetary policy between the government, the Ministry of Finance and the central bank. Moreover, the efficiency and effectiveness of not only monetary but also economic policy as a whole depends on how successfully the system of coordination of actions is implemented (this includes the system of consultations, recommendations, hearings, reporting and, finally, the interaction of staff members).

Thirdly, the inconsistency and complexity of the process for the central bank to achieve an optimal position in the economy lies in the fact that, on the one hand, it must achieve special status for the development and implementation economic decisions, real voting rights (especially in matters of price stability, public debt servicing, budget deficit), on the other hand, the central bank cannot act in isolation from the political and economic decisions of the government.

And we must pay tribute to the National Bank of the Republic of Kazakhstan, which has adequately coped with this task all these years, which is largely explained by the highest professionalism of those who headed this key body of the market economy in the early years of Kazakhstan’s independence. These are Daulet Sembaev, Galym Bainazarov, Bisengali Tadzhiyakov (permanent first deputy of the National Bank of the Republic of Kazakhstan), Uraz Dzhandosov, Grigory Marchenko, as well as those who continue to actively reform and improve methods of monetary and exchange rate regulation of the economy in the most difficult modern conditions of the global financial crisis with the goal of stable and dynamic development of the national economy, - Anvar Saidenov, Elena Bakhmutova and their team. These people will certainly go down in the history of the creation and development of the monetary system of the Republic of Kazakhstan.

November 15 is not only the day of the introduction of the new national currency, but also the professional holiday of all financiers, so one cannot fail to mention those who contributed significant contribution in reforming the financial and budgetary system of Kazakhstan at the most difficult initial stage of the formation of a market economy in the country are Alexander Pavlov, Sauat Mynbaev, Bolat Zhamishev, Berdibek Saparbaev, Natalya Korzhova, Gulzhan Karagusova, Zhomart Mukashev, Altai Zeynelgabdin, Zhannat Ertlesova, Serik Akhanov, and also about young reformers of the national economy who, under the leadership of the Head of our state, are realizing the achievement of an ambitious goal - Kazakhstan’s entry into the ranks of 50 competitive countries in the world - these are Karim Masimov, Kairat Kelimbetov, Umirzak Shukeyev, Arman Dunaev, Bakhyt Sultanov, Marat Kusainov, Kairat Aitekenov and their team. They are the founders of the currently ongoing administrative, budgetary and tax reforms, which are designed to ensure the sustainable development of the national economy. They are also the creators of a fundamentally new system of financial development institutions and new principles of corporate governance that contribute to improving the quality and efficiency of economic management of the republic, its radical modernization and diversification.

In the world economic theory There are several models that explain the relationship between the development of banks and industry. The first model assumes that the development of banks follows the development of industry. A classic example of such development is provided by England in the 17th – 19th centuries. Another model is based on the rapid development of the banking system, which stimulates the development of industrial production. This model was embodied in the history of the development of the banking system in Germany, France, Russia and partly the USA.

In our opinion, this development model is also typical for Kazakhstan. Kazakhstan's banks played a significant role in the country's rapid economic recovery. This is to a large extent explained by the fact that the Head of State has always provided strong support for the development of the country's banking system.

An effective model of the banking sector has developed in Kazakhstan, synthesizing global and domestic experience in monetary regulation of the economy. Its conceptual features organically include the attributes of universality and uniqueness. It performs the functions of mobilizing national savings and investing them in the real sector of the republic’s economy, contributing to its dynamic growth and modernization.

The economy of Kazakhstan is already largely integrated into the world economic system and, as a result, is subject to the influence of global trends. Occurred in 2007 – 2008. The liquidity crisis in external capital markets has a negative impact on the economies of both developed and developing countries. The global increase in the cost of borrowed capital has had a noticeable impact on global growth rates economic growth, which could not but affect our republic. However, the macroeconomic situation in Kazakhstan remains stable. Economic growth in 2007 was 8.9%, which is one of the most important indicators of sustainability and a favorable investment climate in the country.

Life has shown the legitimacy and effectiveness of preventive measures taken on behalf of the Head of State by the Government of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations (AFN), to minimize the impact of risks that come today from global financial markets.

At the initial stage of the global financial crisis in the second half of 2007 and early 2008, the government provided assistance to the three industries most in need. First of all, to the construction industry to solve the problem of shareholders. For needs shared construction about 175 billion tenge (1.45 billion dollars) were allocated, including through commercial banks– 95 ​​billion tenge (0.8 billion dollars), which made it possible to stabilize not only the construction sector, but also the banking system. As a result, not a single bank defaulted on either internal or external obligations. The assets of credit institutions have increased by 4.3% since the beginning of the year, and equity capital by 11.4%.

The second sector of the economy that received strong support was the agro-industrial complex. In 2008, 134.4 billion tenge (1.1 billion dollars) was allocated for the development of the agro-industrial complex, which is 73% more than in 2007. Stabilization funds for essential goods (grain, meat, dry goods) were formed in the regions milk, vegetable oil, sugar, rice). Taking into account the fact that the key factor in the rise in price of agricultural products is the increase in prices for fuels and lubricants, a ban was introduced on the export of main types of petroleum products outside the republic until January 1, 2009. Since October 2008, customs duties have been increased for payers of rental tax on exported goods. crude oil and gas condensate from $27.43 to $121.32 per ton (currently reduced to $95 per ton). In addition, the state share in the authorized capital of all oil refineries operating in Kazakhstan has been increased. The measures taken will stimulate the processing of raw materials in the country.

Ensuring food security in the long term must be based on an appropriate legislative framework, therefore it is necessary to adopt laws on the regulation of the grain market and subsidizing certain areas of the agro-industrial complex.

The third sector that received government support was the small and medium business. Firstly, he was provided with financial assistance in the amount of 155 billion tenge ($1.3 billion). Secondly, a number of measures have been implemented to reduce administrative barriers and improve the business climate. In particular, three lending programs have been introduced. The time frame for processing documents for construction has been reduced. Mandatory certification of all types of services has been cancelled. Fees for connecting to electrical networks have been completely removed from small businesses. The rules for entrepreneurs’ access to the territory of special (free) economic zones have been simplified. Nevertheless, due to the crisis and the rise in the cost of credit resources, the business activity of small and medium-sized businesses in the first half of 2008 decreased noticeably.

In this regard, the Government of the Republic of Kazakhstan has prepared a package of bills aimed at solving the problem in this area. A bill has been submitted to the Mazhilis of Parliament, which involves optimizing the procedure for control and passage of goods and Vehicle across the customs border of the country. Bills have been developed to improve the procedures for the creation and operation of small business support centers and business incubators, as well as amendments to the laws “On microcredit organizations” and “On credit partnerships”, which will expand their capabilities, improve conditions for attracting domestic and foreign investors, and reduce barriers in lending to small businesses. Work has begun on new edition Customs Code, aimed at further simplifying customs procedures.

Also, the new Tax and Budget Codes and the new three-year republican budget for 2009–2011 should play a positive role in the qualitative reform of the national economy.

Thanks to the constant attention of the Head of State, a timely implementation of a set of measures, as well as strict coordination of the activities of financial, monetary and economic institutions in the center and locally, economic growth was supported and the country’s development is carried out within the given parameters.

At the same time, the September collapse of world stock markets shows that the financial crisis has not yet reached its peak. His new stage begins. For Kazakhstan, this means that the objective impact of external, negative reasons will continue. The main danger will be rising inflation, which is largely due to the global situation. Therefore, the task now is to ensure an even higher degree of economic security and minimize the risks of the banking sector.

Before the financial crisis that erupted in international markets and affected Kazakhstan, the ratings of our banks were growing, domestic financial institutions were actively lending on world capital markets. Kazakhstani second-tier banks have gained authority. The crisis changed everything, financing stopped, and now banks have to look for new sources. However, on the other hand, we can say that this situation has strengthened our banking system, and after overcoming the financial crisis it will become even stronger. Some banks have changed owners, foreign capital has come, in particular, to ATF Bank (Austrian investor - Bank UniCreditGroup), to Bank CenterCredit (South Korean investor Kookmin Bank acquired a 30% stake in BCC), as a result of which these banks will gain access to large credit resources.

According to the FSA, the total assets of banks by the beginning of September exceeded 12.5 trillion. tenge ($104.2 billion), having increased since the beginning of the year by 876 billion tenge, or 7.5%. The equity capital of the banking sector increased by 12% and amounted to almost 2 trillion. tenge ($16.6 billion). The most important indicator of bank stability - capital adequacy - is high, all banks are fulfilling it, and all banks show profit. The share of liquid assets to total assets of banks as of September 1, 2008 was 14.9%. Banks were able to reorient themselves from external borrowing to internal funding. The total amount of deposits attracted by banks from legal and individuals, as of September 1, 2008 amounted to 7 trillion. 372 billion 400 million tenge (61.4 billion dollars), having increased by 5.7% in August. In general, the total liabilities of banks amounted to 11 trillion. tenge (91.6 billion dollars), including liabilities to non-residents - over 5. tenge (41.6 billion dollars), or 45.6% of their volume. It should be noted that banks' liabilities to non-residents have decreased by 8.2% since the beginning of the year.

Last year's problem of the impossibility of refinancing abroad has practically been removed, only the conditions have worsened somewhat and become more stringent than before. The volume of banks' external debt is not decreasing as quickly as we would like: from September 1, 2008 to September 2009, they will have to return $12 billion to foreign creditors.

In addition, the international reserves of the National Bank have noticeably increased: their volume as of October 1, 2008 exceeded $51.5 billion, having increased by 34% since the beginning of the year.

However, there is currently a problem of deterioration in quality banking assets. The share of bad loans since the beginning of 2008 (1.5%) has almost doubled and amounted to 2.9%, the share of standard loans was 43.2%, and doubtful loans - 53.9%.

An adequate response to this is the formation of sufficient provisions for banks. Now their volume has increased by 42.4% since the beginning of the year and amounts to more than 742 billion tenge (6 billion dollars), or 8.2% loan portfolio. The amount of provisions exceeds the amount of bad loans by 1.4 times. Forming provisions at the expense of profits, the banking sector remains profitable, but not as significantly as in 2007. Preliminary estimates of total profits for the first half of 2008 exceeded 80 billion tenge (0.7 billion dollars). The current level of provisions is not excessive and is the minimum acceptable level. Provisions should increase, given forecasts for possible deterioration of the portfolio in the future.

Currently, the FSA is carrying out fairly strict regulation of banking activities, and this is quite justified in the current rather difficult conditions in the global financial markets.

It cannot yet be considered that the crisis situation has been completely overcome. Banks will be able to feel safe only when there is a turning point in the real estate market and in the business activity of entrepreneurs, after which the prerequisites for a deterioration in the quality of the banks’ loan portfolio will disappear.

However, we must remember that in the next 12 months, Kazakh banks must pay off external debts in the amount of $12 billion. If refinancing abroad becomes more difficult, this could cause a credit shortage in small and medium-sized businesses and in construction, which will have a negative impact on the non-resource sector of the economy and may cause a slowdown in economic growth, which is unacceptable.

To solve this problem, on behalf of the President of the Republic of Kazakhstan, the Stressed Assets Fund is being created and $1 billion is allocated from the budget to it. USA. Perhaps foreign investors will also appear in the Fund. This Fund will buy only standard and doubtful loans of the first category, but not bad ones, although in international practice there is a demand for them.

One of the functions of this Fund will be the sharing of risks between banks, the state (with a limit of a billion dollars) and investors during the issuance of bonds for purchased loans, the yield of which should be quite high. Perhaps this will be achieved by dividing the bonds into junior, middle and senior tranches, and investors will buy securities of the senior tranche, for the repayment of which they can use the flows of the junior and middle tranches, and the buyers of the latter may be the banks themselves and the state.

On behalf of the Head of State, in order to maintain confidence in the banking system on the part of the population and business, it was decided to increase the level of guaranteeing citizens’ deposits in commercial banks from 700 thousand tenge to 5 million tenge, which will guarantee 100% safety of 99% of all bank deposits.

Along with this measure new law of the Republic of Kazakhstan “On introducing amendments and additions to some legislative acts of the Republic of Kazakhstan on issues financial stability» provides for the possibility, in case of urgent need, of nationalizing bankrupt financial institutions.

In addition, the National Bank was instructed to develop measures to provide the banking system with the liquidity necessary for normal operation, in particular, by reducing the minimum reserve requirements, which will free up additional liquidity for banks, as well as by short-term financing of second-tier banks.

Measures are also envisaged to refinance banks through development institutions to lend to the real sector of the economy and revive the business activity of entrepreneurs.

Conditions are being created to increase incomes and employment of the population through the implementation of various additional investment and regional programs. The main emphasis will be on the construction of infrastructure facilities in the regions: hospitals, schools, roads and other facilities where the released workforce will be sent.

New challenges require new non-standard solutions. In this regard, the President of the Republic of Kazakhstan N.A. Nazarbayev initiated a large-scale Stabilization Program, which is a logical continuation of previously taken tactical measures to ensure sustainable economic development of the country and reduce risks caused by global financial instability.

On October 13, 2008, the President of the Republic of Kazakhstan signed the Decree “On some measures to ensure the competitiveness and sustainability of the national economy,” which provides for the merger of the two largest state holdings “Kazyna” and “Samruk” and the creation on their basis of the National Welfare Fund “Samruk- Kazyna". The holding will become the core of the Kazakh government program to overcome the global crisis, as well as the main instrument of the Cabinet of Ministers, which must be used to increase the capabilities of the state.

To increase the authorized capital of National Welfare Fund Samruk-Kazyna JSC, 607.5 billion tenge (5 billion dollars) are allocated from the republican budget in 2008 through a targeted transfer from the National Fund of the Republic of Kazakhstan, and in general for the implementation of the Stabilization The program provides for the allocation of 10 billion US dollars from the National Fund of the Republic of Kazakhstan.

Life confirms the correctness of the economic and financial policy of the state pursued in the country to create, using oil revenues, the National Fund of the Republic of Kazakhstan, which currently mitigates the negative impact of the global financial crisis on the national economy, being a “safety cushion” for it. In particular, the volume of assets of the National Fund by the end of 2009 will reach 38.4 billion dollars, 2010 - 43.1 billion dollars, 2011 - 48.4 billion dollars (based on the medium-term price for oil price of 60 dollars per barrel, included in the draft republican budget for 2009 - 2011). At the same time, the volume of revenues to the National Fund in 2009 will amount to 1 trillion. $452.1 billion, or 8.1% of the expected GDP.

The consumer price index in Kazakhstan in 2009 is projected to be in the range of 8.5 - 10.5%, followed by a decrease in 2010 - 7 - 9% and to 6.5 - 8.6% in 2011.

Average annual inflation in Kazakhstan in 2007 was 10.8%, in annual terms (December 2007 to December 2006) - 18.8%.

Now it is very important for Kazakhstan to assess the situation by international rating agencies. The main thing is that they do not lower the long-term sovereign rating of Kazakhstan for obligations in foreign currency. The fact is that in the spring of 2008, the international rating agency S&P revised the forecast for Kazakhstan's ratings from stable to negative, which reflected the increased risk that the deterioration in the quality of assets of the banking system of Kazakhstan, combined with difficulties in attracting financing, will lead to a weakening of fiscal indicators and indicators trade balance and will negatively impact financial flexibility and economic growth prospects. According to the agency's experts, tensions in global financial markets have now intensified and are likely to be longer than expected in October 2007, when Kazakhstan's long-term rating for foreign currency obligations was downgraded from "BBB" to "BBB-" .

If Kazakhstan’s rating deteriorates, we will see an even greater increase in the cost of borrowed funds abroad, and it will be more difficult for banks to repay external debts, since refinancing may cost them much more, which is undesirable: in this case, all internal resources of banks will have to be directed to repay previously taken loans, and then small and medium-sized businesses will experience an even stronger credit shortage than now, which will negatively affect the growth rate of the real sector of the economy and, in general, the growth rate of GDP and the well-being of the population.

A way out of this situation will be the funds of the newly created JSC National Welfare Fund Samruk-Kazyna ($10 billion, which will be used to finance and lend to the real sector of the republic’s economy, thereby stimulating the business activity of entrepreneurs.

A positive role can also be played by the Stressed Assets Fund ($1 billion) and the created reserves of the National Bank of Kazakhstan, which can be used, if necessary, for lending to commercial banks and, consequently, the economy of the republic.

Along with this, Kazakhstan continues to remain an attractive country for investment. The interest of foreign investors in Kazakhstan does not wane even in the context of the global financial crisis. And this is encouraging.

Kazakhstan in the post-Soviet space is one of the leaders in attracting foreign investment into the economy. From 1993 to 2007, the republic attracted about $70 billion in foreign direct investment, or about $4.4 thousand. per capita. In 2007 alone, more than $17 billion was invested in the country. direct investment, which is 65% more than in 2006. Moreover, almost 60% of these funds were invested in non-resource sectors of the economy.

A favorable investment climate contributed to the growth of assets of institutional investors in the Republic of Kazakhstan, such as commercial banks, pension funds, insurance and investment companies. By the beginning of 2008, the total assets of Kazakhstani banks alone amounted to 11.6 trillion. tenge (about 97 billion dollars). The savings of the population at that time were estimated at 2.6 trillion. tenge (over 21 billion dollars), more than half of which are household deposits in banks. This suggests that Kazakhstan has enormous potential for using domestic investment resources. And for its implementation it is necessary to take a whole range of economic and legislative measures, including those for further development stock market.

In this regard, it must be said that the creation of a regional financial center in Almaty (RFCA) is one of the most ambitious and promising Kazakh projects that attracts great attention from the international business community.

Over the past 15 years, the Kazakh economy has strengthened, and along with it, the banking sector and the national currency have strengthened. Financial intermediaries of resource distribution play a significant role in increasing the country's competitiveness and largely determine the rate of economic growth.

The economy of Kazakhstan is developing at a positive pace: investment volumes are growing, industrial production, construction, Agriculture, support for small and medium-sized businesses is provided. Of course, this is the result of the programs adopted and being adopted in the country for restructuring the economy and financial sector, as well as the development and implementation of both new effective regulations and the improvement of existing ones.

In the difficult conditions of the global economy, our state managed to maintain the growth of gross domestic product, which exceeded 5% in the first half of 2008.

Kazakhstan today – market state With the established fairly strong banking system and open economy, Kazakh companies are already investing in neighboring countries. And this is a great merit of bankers, all participants in the financial market.

In connection with the 15th anniversary of the introduction of the national currency tenge and the professional holiday - Financier's Day - I would like to cordially congratulate fellow financiers, bankers, and financial sector workers on this wonderful holiday and sincerely wish them new victories, more optimism, openness, and creativity in solving the most difficult problems of economic development, courage, patience, endurance, skillful confrontation with new challenges of our time, great achievements and stability for the benefit of the country’s prosperity!

National Bank of the Republic of Kazakhstan today

Taking into account trends in the financial market and a decrease in the annual inflation rate, the Board of the National Bank of the Republic of Kazakhstan decided to establish, from July 10, 2009, the official refinancing rate of the National Bank of the Republic of Kazakhstan at the level of 8.0% per annum.

According to official data from the Statistics Agency of the Republic of Kazakhstan, inflation in June 2009 was 0.4% (in June 2008 – 1.2%). Prices for food products increased by 0.2% (by 1.7%), non-food products - by 0.6% (by 0.8%) and paid services– by 0.4% (by 0.8%).

In the food market last month, the prices that rose the most were fruits by 2.3%, sugar by 2.0%, rice by 1.9%, and soft drinks by 1.0%. Price reductions were recorded for eggs - by 3.7%, for sunflower oil - by 2.4%, for dairy products - by 1.4%, for vegetables - by 1.3%.

In the group of non-food products, prices for gasoline increased by 3.7%, for diesel fuel - by 1.3%, for medicines - by 1.1%, and for personal hygiene products - by 0.6%. Liquefied gas fell in price by 1.5%, coal - by 0.9%.

In the structure of paid services, payment for housing and communal services increased in price by 0.3%. At the same time, electricity prices rose by 2.2%, hot water fell in price by 1.2%. Transport services increased in price by 0.9%, including railway transport - by 4.0%, as well as funeral services - by 2.4% and medical services- by 1.1%.

Inflation for January-June 2009 amounted to 3.9% (for January-June 2008 -5.7%). The slowdown in inflation in the 1st half of 2009 compared to the 1st half of 2008 was facilitated by a slowdown in the growth of prices for food products and paid services, which during this period increased by 3.5% and 3.3%, respectively (for the 1st half of 2008 - by 8.1% and 4.2%). Non-food products became more expensive by 4.9% (by 3.8%)

At the end of June 2009, inflation in annual terms also slowed down and amounted to 7.6% (in December 2008 – 9.5%). Prices for food products increased by 6.1% (by 10.8%), non-food products - by 6.9% (by 5.7%), paid services - by 10.5% (by 11.4%).

During the 1st quarter of 2009, the current account of the balance of payments developed with a deficit of more than 1 billion US dollars, amounting to 4.7% in relation to GDP (in the 1st quarter of 2008 there was a positive balance of 2.8 billion US dollars).

On average, for the 1st quarter of this year, the world oil price amounted to 44.1 US dollars per barrel, which is more than 2 times lower than its level in the 1st quarter of 2008. As a result, exports of goods decreased by almost 2 times and amounted to 8.2 billion US dollars.

According to customs statistics, oil and gas condensate were exported in the amount of 4.6 billion US dollars (9.6 billion US dollars in the 1st quarter of 2008). At the same time, quantitative supplies of oil increased by 9.7% compared to the 1st quarter of 2008. The positive effect of the one-time devaluation of the tenge carried out in February of this year was already evident in the results of the 1st quarter of this year, as a result of which imports of goods, amounting to more than 6.1 billion US dollars, decreased by 15.7 compared to the 1st quarter of 2008 % (compared to the 4th quarter of 2008 - by 38.0%). At the same time, the most significant decrease in imports was noted for groups of goods: intermediate industrial consumption - by 35.4% and consumer goods - by 27.5%, including the import of food products decreased by 17.0%, and non-food consumer goods - by 33 .0% compared to the 1st quarter of 2008.

As a result, the positive balance of trade operations for the 1st quarter of 2009 amounted to more than 2 billion US dollars (for the 1st quarter of 2008 - 8.6 billion US dollars). For financial account transactions, net inflow financial resources in the 1st quarter of this year amounted to USD 3.3 billion versus a net outflow of USD 1.2 billion in the 1st quarter of 2008. The net inflow is mainly due to a decrease in the external assets of the National Fund of the Republic of Kazakhstan, which were transferred to internal assets through the acquisition of bonds of Samruk-Kazyna National Welfare Fund JSC and Kazagro National Holding JSC for a total amount of more than USD 4.6 billion, as well as an increase in the obligations of private sector enterprises, mainly due to the influx of direct investment.

The net inflow of foreign direct investment into the Republic of Kazakhstan amounted to $2.4 billion. The net outflow of investments by Kazakhstan residents into foreign subsidiaries amounted to almost $300 million. USA. As a result, the positive balance on direct investment operations at the end of the 1st quarter of 2009 amounted to about 2.1 billion US dollars (at the end of the 1st quarter of 2008 - 1.8 billion US dollars).

In the 1st quarter of 2009, there was a net outflow from banks’ operations with non-residents in the amount of more than 4.7 billion US dollars (in the 1st quarter of 2008 - a net outflow of 0.7 billion US dollars), ensured mainly by a decrease in external obligations. The gross external debt (GED) of the Republic of Kazakhstan in the 1st quarter of 2009 for the first time showed a decrease by $2.7 billion and amounted to $105.1 billion as of March 31, 2009. The share of short-term debt (liabilities with an initial maturity of up to 1 year) in the structure of debt obligations of residents of the Republic of Kazakhstan decreased from 9.9% at the end of 2008 to 8.5% in the 1st quarter of 2009.

The share of public external debt, including obligations of the Government and the National Bank, accounts for 2.0% of the total volume of gross external debt in the half of 2007, with a reduction in new financing and significant payments to repay existing external obligations of the banking sector; the level of debt in this sector remained unchanged until mid-2008 practically unchanged. Since the second half of 2008, the external liabilities of the banking sector of the republic have shown a decrease and at the end of the 1st quarter of 2009 are estimated at 34.1 billion. US dollars or 32.4% of the gross external debt (at the end of 2008 - 39.2 billion US dollars or 36.4%, respectively).

The external debt of the private non-banking sector in January-March 2009 increased by $2.5 billion and amounted to $69 billion. More than half of this debt is accounted for by liabilities associated with direct investment operations - intercompany debt, the volume of which at the end of March 2009 was estimated at $38.2 billion, or 36.4% of gross external debt.

In June 2009, the National Bank's net international reserves at current prices decreased by 6.4% (or by $1.3 billion) to $18.5 billion (from the beginning of the year - a decrease of 6.6% ).

Transactions on the purchase of currency on the domestic foreign exchange market and receipts of currency to the Government's accounts with the National Bank were neutralized by a decrease in balances on correspondent accounts of second-tier banks in foreign currency with the National Bank and transactions to service the Government's external debt. As a result, net foreign exchange reserves (FCR) in June 2009 decreased by 6.9% (or by $1.2 billion) (from the beginning of the year - a decrease of 8.5%). Assets in gold in June 2009 decreased by 2.4% (or by $53.1 million) as a result of a decrease in its price on world markets by 3.2% (from the beginning of the year - an increase of 10.3%) .

The country's international reserves as a whole, including the assets of the National Fund in foreign currency (according to preliminary data, 23.6 billion US dollars), decreased over the month by 1.8% and amounted to 42.2 billion US dollars (since the beginning of the year - decrease by 10.8%).

The assets of the National Fund in national currency amounted to 600 billion tenge (bonds of JSC National Welfare Fund Samruk-Kazyna and JSC National Holding KazAgro).

The monetary base in June 2009 expanded by 3.2% and amounted to 2333.8 billion tenge (from the beginning of the year - an expansion of 53.0%). The decrease in the National Bank's net international reserves was offset by an increase in the National Bank's net domestic assets, mainly due to a decrease in balances on Government deposits. Narrow monetary base, i.e. The monetary base, excluding time deposits of second-tier banks with the National Bank, shrank by 5.1% to 1900.0 billion tenge (since the beginning of the year - an expansion of 27.3%).

In May 2009, the money supply increased by 0.5% to 6587.4 billion tenge (since the beginning of the year - an increase of 5.1%) due to a slight increase in the internal assets of the banking system, in the structure of which net claims on the Government increased slightly.

In May 2009, cash in circulation increased by 4.4% to 779.8 billion tenge (from the beginning of the year - a decrease of 9.1%), while deposits in the banking system remained practically unchanged (a decrease of 0.02 %) at the level of 5807.6 billion tenge (from the beginning of the year - an increase of 7.4%). The growth of cash in circulation against the background of a reduction in deposits caused a decrease in the share of deposits in the structure of the money supply from 88.6% in April 2009 to 88.2% in May 2009.

The money multiplier decreased from 2.99 in April 2009 to 2.91 in May 2009 due to the faster pace of expansion of the monetary base compared to the growth rate of the money supply.

During June 2009, the tenge to US dollar exchange rate varied in the range of 150.13-150.54 tenge per 1 US dollar. In June 2009, the tenge strengthened by 0.01% (from the beginning of the year it weakened by 24.5%) and at the end of the month the exchange rate of the tenge was 150.43 tenge per US dollar.

In June 2009, the volume of exchange transactions on the Kazakhstan Stock Exchange taking into account transactions at additional auctions, it increased by 9.3% compared to May 2009 and amounted to USD 1.9 billion (since the beginning of the year - USD 26.6 billion). On the over-the-counter foreign exchange market, the volume of transactions increased by 74.8% and amounted to USD 4.1 billion (from the beginning of the year - USD 29.4 billion).

In June 2009, 5 auctions were held to place government securities of the Ministry of Finance. They placed 3-year MEOKAM (13.5 billion tenge), 7-year MEUKAM (9.3 billion tenge), 10-year MEUKAM (15 billion tenge), 15-year MEUKAM (10.3 billion . tenge) and 18-year-old MEUZHKAM (12 billion tenge).

The effective yield on the placed securities was for 3-year MEUKAM – 7.43%, for 7-year MEUKAM – 7.9%, for 10-year MEUKAM – 7.8%, for 15-year MEUKAM – 7.65% and for 18-year MEUZHKA the yield was 0.01% above the inflation rate.

The volume of securities of the Ministry of Finance in circulation at the end of June 2009 amounted to 959.3 billion tenge, having increased by 2.9% compared to the previous month.

Short-term notes of the National Bank of Kazakhstan. The volume of notes issued by the National Bank for June 2009 compared to May 2009 did not change and amounted to 100.0 billion tenge.

The volume of notes in circulation at the end of June 2009 compared to May 2009 did not change and amounted to 145.0 billion tenge.

Interbank money market In June 2009, the total volume of placed interbank deposits increased by 42.7% compared to May 2009 and amounted to the equivalent of 3448.8 billion tenge.

The volume of placed interbank tenge deposits in June 2009 increased by 52.5% and amounted to 1,492.2 billion tenge (43.3% of the total volume of placed deposits). At the same time, the weighted average interest rate on placed interbank tenge deposits decreased from 4.60% in May 2009 to 4.37% in June 2009.

The volume of deposits attracted by the National Bank from second-tier banks increased in June 2009 by 72.6% and amounted to 1,611.0 billion tenge. In June 2009, compared to May 2009, the volume of placed dollar deposits increased by 40.5% to $9.5 billion (41.4% of the total volume of placed deposits). The weighted average interest rate on placed dollar deposits increased from 0.87% to 1.99%. The volume of placed deposits in euros increased by 22.5% to 2.4 billion euros (14.7% of the total volume of placed deposits). The weighted average interest rate on euro deposits increased from 0.49% to 0.55%.

The volume of placements in ruble deposits remains insignificant - 0.6% of the total volume of placed deposits.

In general, the share of interbank deposits in foreign currency continues to remain high - 56.7% of the total volume of placed deposits, although recently it has been trending downwards. At the same time, almost all deposits in foreign currency (99.98%) are placed in non-resident banks.

Deposit market. The total volume of residents' deposits in the banking system in May 2009 remained virtually unchanged, amounting to 5807.6 billion tenge (from the beginning of the year - an increase of 7.4%).

Deposits of legal entities increased by 0.3% to 4244.7 billion tenge, deposits of individuals decreased by 0.8% to 1562.8 billion tenge.

In May 2009, deposits in foreign currency increased by 0.3% to 2793.4 billion tenge, and deposits in national currency decreased by 0.3% to 3014.2 billion tenge. As a result, specific gravity deposits in tenge decreased from 52.1% to 51.9%.

Deposits of the population in banks (including non-residents) increased in May 2009 by 0.4% to 1612.0 billion tenge (from the beginning of the year - an increase of 7.5%). In the structure of household deposits, tenge deposits increased by 3.5% to 670.8 billion tenge, deposits in foreign currency decreased by 1.7% to 941.1 billion tenge. As a result, the share of tenge deposits increased from 40.4% to 41.6%.

In May 2009, the weighted average interest rate on tenge time deposits of non-bank legal entities was 5% (in April 2009 - 5.1%), and on deposits of individuals - 11.7% (11.4%).

The total volume of principal debt on bank loans to the economy at the end of May 2009 increased by 0.5% and amounted to 8125.6 billion tenge (from the beginning of the year - an increase of 8.9%).

Loans in national currency did not change, amounting to 3873.6 billion tenge, in foreign currency they increased by 0.9% to 4252.0 billion tenge. The share of tenge loans in May 2009 compared to April 2009 decreased from 47.9% to 47.7%.

Long-term loans increased by 0.7% to 6669.6 billion tenge, short-term loans decreased by 0.6% to 1456.1 billion tenge. As a result, the share of long-term loans in May 2009 compared to April 2009 increased from 81.9% to 82.1%.

Loans to legal entities in May 2009 increased by 1.1%, amounting to 5735.9 billion tenge (from the beginning of the year - an increase of 12%), loans to individuals decreased by 1.1%, amounting to 2389.8 billion tenge ( since the beginning of the year - an increase of 3.3%). As a result, the share of loans to individuals decreased over the month from 29.9% to 29.4%.

Bank loans to small businesses in May 2009 compared to April 2009 increased by 2.9% to 1,749.5 billion tenge, which is 21.5% of the total volume of loans to the economy.

In the industry breakdown, the most actively credited sectors of the economy are trade (23%), construction (19.7%), industry (9.7%) and agriculture (3.4%).

In May 2009, the weighted average interest rate on loans in national currency to individuals increased from 17.3% to 17.4%, and to legal entities decreased from 15.0% to 14.2%.

Law of the Republic of Kazakhstan “On Amendments and Additions to Certain Legislative Acts on Issues of Currency Regulation and Currency Control”

On July 4, 2009, the President of the Republic of Kazakhstan signed the Law “On Amendments and Additions to Certain Legislative Acts on Currency Regulation and Currency Control” No. 167-IV (hereinafter referred to as the Law).

This Law was developed in order to take measures to further liberalize the foreign exchange regime and improve the system of foreign exchange regulation and foreign exchange control in the Republic of Kazakhstan.

The law provides for the following measures to simplify currency regulation regimes:

Cancellation of licensing activities for retail trade and

provision of services for cash foreign currency (duty free shops

trade, sale of goods and services to passengers at international

transportation);

Cancellation of the notification requirement for opening accounts in foreign banks For

individuals;

Inclusion of transactions for the purchase and sale of refined gold bullion in

list of foreign exchange transactions permitted between residents;

The right of the exporter and importer to independently determine the repatriation period,

based on the terms of the contract;

Possibility to increase thresholds for registration, notification and

certification, as well as reducing the list of transactions subject to registration and

notification, by adopting by-laws.

In particular, with the adoption of the Law, it is planned to increase the threshold for certification of export-import transactions from the equivalent of 10 thousand US dollars to the equivalent of 50 thousand US dollars, as well as the threshold for transactions subject to registration and notification. In addition, the range of anti-crisis measures in terms of introducing currency restrictions that can be taken by the Head of State if there is a threat to the economic security of the country and the stability of its financial system is being expanded and more specifically defined.

Responsibility for violation of the requirement to return export currency earnings to the country and violation of the special currency regime is more clearly and unambiguously defined.

In order to protect the interests of the population, the National Bank of the Republic of Kazakhstan at the legislative level has been granted the right to limit the margin between the purchase rate and the sale rate of foreign currency at exchange offices.

Thus, the bill, on the one hand, contains rules that simplify doing business, and on the other hand, it enhances the effectiveness of anti-crisis measures if the economic situation requires their introduction.

Changes and additions are made to the Criminal and Tax codes, Code of Administrative Offences, as well as the laws “On Currency Regulation and Currency Control”, “On the National Bank of the Republic of Kazakhstan” and “On Licensing”.

Sales of coins of the National Bank of the Republic of Kazakhstan. Measures taken by the National Bank of the Republic of Kazakhstan to popularize coins made of precious metals contributed to increasing public demand for these coins in order to use them as a tool for investing free funds.

During the period from 1995 to January 1, 2009, 20,841 investment coins were sold, 15,404 gold coins, and 200,787 silver coins. While only for 6 months of 2009 - 3,050 pcs., 2,581 pcs. and 21,372 units, respectively. At the same time, during the period from 1995 to January 1, 2009, a total of 237,032 coins made of precious metals were sold, for 6 months of the current year - 27,003 pieces.

Master's program in the MBA program From July 1 to July 30, 2009, documents are accepted for studying in the Master's program in the MBA program of the National Bank of Kazakhstan and the Kazakh Economic University. T. Ryskulova for the 2009/2010 academic year (hereinafter - Master's degree).

The Master's program was created in 2003. During the period of existence of the Master's program, 285 people completed full-time study. More than 40% of Master's graduates work in the National Bank and the AFS, 20% in second-tier banks, the rest have successfully found work in pension funds, insurance and investment companies, auditing and consulting firms.

In accordance with the order of the Agency of the Republic of Kazakhstan for Civil Service Affairs dated March 3, 2004, the MBA program is included in the list of state programs for training and retraining of civil servants, giving the right to be included in the personnel reserve of the administrative civil service, and is equated to the state program “Bolashak”.

The Master's program is a unique institution specializing in the professional provision of business education in the financial sector. Training is carried out in the following areas: “Actuary”, “Insurance business”, “Financial analyst”, “Financial risk manager”. 80% of teachers are practitioners working in the financial market of the Republic of Kazakhstan (National Bank of the Republic of Kazakhstan, AFS, second-tier banks, insurance and investment companies, pension funds, international financial organizations).

The duration of study in the Master's program on the basis of higher basic education (bachelor's degree) is 2 years. Persons with higher economic, mathematical or technical education are accepted.

Admission to the Master's program is carried out on a competitive basis based on the results of a written exam, including questions in the following disciplines: “Macroeconomics”, “Microeconomics” and “Higher Mathematics”. This year, the National Bank of Kazakhstan is providing 25 educational grants in the following specializations: “Financial Analyst”, “Financial Risk Manager”, “Actuary”. More detailed information can be obtained on the Master's website.

In 1994, the Mint (then still a plant for non-ferrous metal products) was separated from the Ulba Metallurgical Plant and transformed into an independent legal entity. In November 1998, the Kazakhstan Mint became part of the National Bank of the Republic of Kazakhstan.

In the short period of its existence, the enterprise has come a long way and today the Mint’s products are widely known within the Republic and have also been highly appreciated abroad. In a short time, a system was created and debugged that allows today to carry out with high efficiency the tasks assigned to the enterprise by the National Bank, the Administration of the President of the Republic of Kazakhstan and various government agencies.

The Mint has various technological sections, including procurement, tool, galvanic, thermal sections, stamping and pressure processing sections, as well as auxiliary production and warehouses. The enterprise is equipped with high-performance equipment manufactured by leading companies in Germany and Switzerland.

The main products of the enterprise are products, the production of which requires careful organization of labor and highly qualified workers, therefore the Mint is an enterprise with high degree technological discipline and rich traditions in the manufacture of high-precision products under state acceptance conditions.

The main goals of the enterprise are to fulfill orders from the National Bank of the Republic of Kazakhstan for the production of national currency coins from non-ferrous metals, gold and silver (circulation, commemorative, collectible), as well as to fulfill orders from the Administration of the President of the Republic of Kazakhstan for the production of state awards.

Today, the Mint fully provides Kazakhstan with coins that are not inferior in their characteristics to those used, for example, in Europe or America.

Along with leading mints, the company produces collectible coins made of gold and silver of the highest quality “proof”; it has also mastered the production of such unique products as gold and silver coins of “proof” quality with a diameter of 100 mm and weighing a whole kilogram. The compliance of Kazakhstani coins with world standards was confirmed by experts at the most prestigious exhibition of mints, held annually in the city of Basel (Switzerland).

In January 2003, the German management system certification body "TUV CERT", a registered society technical supervision"TUV Thuringen e.V." The Kazakhstan Mint was issued a certificate of conformity for the quality management system in the field of design and production of coins, coin blanks and state awards (orders and medals), registration number No. 15 100 31576.

State orders and medals produced by the Kazakhstan Mint are worthy examples of jewelry art.

In accordance with state program Reconstruction of the market for domestic goods and the policy of import substitution at the Mint are systematically developing replacement production. For example, the production of silverware, military accessories, badges, silver electrical contacts, representative souvenirs, brands and seals.

The Kazakhstan Mint today is a modern, dynamically developing enterprise, equipped with high-performance precision equipment from leading foreign companies. The Mint has a full technological cycle for the production of coins, orders and medals, from casting and rolling alloys to minting. This allows for the full and timely provision of the republic with change and commemorative coins, state awards and anniversary medals, departmental and sports awards, stamps for standardization and assay supervision bodies.

The Kazakhstan Mint is a Republican state enterprise with the right of economic management and is a structural division of the National Bank of the Republic of Kazakhstan.

By Decree of the Government of the Republic of Kazakhstan No. 437 dated May 14, 1998, in accordance with the Decree of the President of the Republic of Kazakhstan, which has the force of law, “On the National Bank of the Republic of Kazakhstan,” the ICM plant was reorganized into the RSE “Kazakhstan Mint” of the National Bank of the Republic of Kazakhstan.

Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan No. 223 dated September 16, 1998 approved the Charter of the Republican State Enterprise with the right of economic management "Kazakhstan Mint" of the National Bank of the Republic of Kazakhstan.

The Mint owes its birth to the independence of the Republic of Kazakhstan, therefore, compared to the mints of other countries, it is still very young and has existed since 1992. Despite this, as a result of great efforts of the team, it guarantees and actually ensures high quality in the execution of all orders.

Today, the Kazakhstan Mint fully provides Kazakhstan with coins that are not inferior in their characteristics to those used, for example, in Europe or America. Along with leading mints, it produces collectible coins made of gold and silver of the highest quality “proof”. In addition, they have mastered the production of such unique products as “proof” quality silver coins with a diameter of 100 mm and weighing a whole kilogram. Of the 58 coin yards, only a few can now do this. The compliance of our coins with world standards was confirmed by experts at the most prestigious exhibition of mints, held annually in the Swiss city of Basel.

The work of the team is highly appreciated by the Presidential Administration, the Government, the National Bank, ministries, departments, various enterprises and organizations. The high quality of products has also been confirmed at international exhibitions. For example, the Kazakhstan Mint won a gold medal at the exhibition “Siberia. Export-Import” in Novosibirsk in 1999, medal of the winner of the exhibition “Siberia-Asia. Cooperation without borders" in Barnaul in 2000.

One of the principles of the team’s work is dynamism and determination. He monitors the market requirements and develops with it, improving production and trying to satisfy customer expectations as much as possible. The development of all areas of activity is carried out comprehensively, in accordance with marketing plans. This allows you to use the knowledge and experience of specialists, equipment and materials with the greatest efficiency. Allows you to reduce costs, improve technology and production organization, and improve product quality.

In 1997, the Securities Factory joined the Banknote Factory of the National Bank of the Republic of Kazakhstan in the status of a workshop.

On July 17, 1998, the Banknote Factory changed its status and was transformed into a branch of the National Bank of the Republic of Kazakhstan.

Since April 1, 2004, in accordance with the Decree of the President of the Republic of Kazakhstan dated December 31, 2003 No. 1271 “On approval of the Regulations and structure of the National Bank of the Republic of Kazakhstan” and the resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan dated February 18, 2004 No. 39, the Banknote Factory has been operating as an independent legal entity in the organizational and legal form of a republican state enterprise with the right of economic management.

Thus, taking into account the change in the organizational and legal form of the RSE "Banknote Factory of the National Bank of the Republic of Kazakhstan" has been carrying out activities in the production of secure printed and blank products for more than 12 years.

The main goal of the RSE "Banknote Factory of the National Bank of the Republic of Kazakhstan" is to ensure, in the volumes established by the National Bank of the Republic of Kazakhstan, the production of banknotes of the national currency of the Republic of Kazakhstan, documentary securities, checkbooks of the National Bank and other printed products that require high technological protection against counterfeiting, confidentiality, strict accounting.

RSE "Banknote Factory of the National Bank of the Republic of Kazakhstan" carries out publishing and production activities. Unique equipment and technology, highly qualified specialists guarantee the production of printed products that meet the requirements of international standards.

RSE "Banknote Factory of the National Bank of the Republic of Kazakhstan" has the experience and capabilities of developing the design and production of the following printed products: banknotes, shares, bills, licenses, bonds, certificates, passport forms and passport documentation, military ID cards, birth certificates, marriage certificates, divorce certificates, death certificates, certificates of maturity, diplomas, excise and registration stamps, postage stamps and travel tickets for air, railway, road and water transport, coupons for fuel and lubricants, shipping documentation, including on self-copying paper, paper for computer printouts, products printed from roll to roll with up to 5 colors, products with a barcode (barcode), products on paper with an adhesive base, tags and labels, corrugated cardboard boxes without printing, etc.

According to Gulmira Tuleshova, head of the motivation department of the personnel department of the National Bank of Kazakhstan, any organization faces the problem of time management, since efficiency in this matter is in any case saving and freeing up resources.

In the case of the National Bank of Kazakhstan, this is the need to optimize the number of personnel, since the bank was developing, new tasks appeared, and it was not and is not possible to endlessly increase the number to meet growing needs.

Here the question of optimizing activities clearly arose. Effective TM is obviously one of the right ways to solve the problem.”

The bank introduced an employee time tracking system in order to organize the most effective staffing model and identify unnecessary functions. This was the first step towards TM. Next, the question arose of how to develop a culture of attitude towards time so that timekeeping would not be perceived as something alien and imposed.

I came across the organization of time, the head of the motivation department of the personnel department of the National Bank of Kazakhstan, by accident, on the Internet, and purely intuitively felt that time management was what I was looking for. And first of all, TM is important and necessary as a special philosophy: that is, not just saving time, but the efficiency of life itself. Now this powerful philosophy has truly entered the hearts of many colleagues of the National Bank of Kazakhstan and has quite significantly changed their life aspirations and attitude towards time.

Next, the bank held a complex multi-stage tender - as a result of which the organization was selected. The National Bank of Kazakhstan received a tool that allowed it to solve the problem of optimizing resources.

After the organization was selected, work began in earnest, and it was carried out in two stages.

The first stage is training of top managers. The reviews were enthusiastic, everyone liked it, although the top managers of the National Bank of Kazakhstan are very progressive people, and surprising them is an extremely difficult matter. The most important thing was that the HR department (the main “usurpers” who “don’t give” employees or reduce their number) began to talk with department heads in a common language. And where there is understanding, there will definitely be a solution to the problem.

The second stage is training of corporate time trainers, transfer of training methods. Time trainers were selected from the DRP (HR Department), and the director and deputy also completed this training. director of the DRP.

It’s not enough to say that you “just liked” the training. This was precisely the case of transformation of the philosophy of TM into the life position of the students.

The training was not just a work event. We perceived it as something powerful and inspiring.

And so trained time trainers conducted trainings in the central office and branches.”

The work of the HR department is largely a search for a compromise between the volume of tasks and the number of employees who can take part in solving these tasks. In order to strictly comply with headcount regulations, the Bank conducted personnel efficiency studies using statistical and mathematical methods.

After this, we developed a definite opinion about the state of labor organization in the department. Then, through a series of interviews with managers and employees of departments, they discussed the results of the timekeeping and gave management a consensus opinion - is it really necessary to increase the number of employees, or can the problem be solved with existing resources by improving the process itself.

And as a rule, an additional increase in the number of employees was not required. More necessary and important was the serious work of the department to optimize its activities - eliminating duplicate and unnecessary functions, reloading individual workers, identifying time sinks, etc.

In the timekeeping system that we received from the Time Organization, the practice of self-timekeeping turned out to be very useful for us. For some very busy workers, this became a serious argument when talking with the manager when drawing up a review of tasks.”

A time diagnostic of all divisions (using the survey method) was carried out by a bank sociologist. Then the actual TM training began, conducted for employees of the central office in groups of up to 20 people.

The classes, conducted by trained trainers, lasted two weeks.

This became an event in the life of the bank. There was genuine interest. The topic was received especially positively by young people.

After training, many self-timed their working hours - and they managed to reduce the number of nightly delays at work.

The topic of kairos, the topic of flexible planning and structuring attention, received a very good practical response. Everyone liked the topic of time wasters and ease of work.

10.10 Money

Representative office of the NBRK in the Russian Federation

Main tasks of the Representative Office:

Representing the interests of the National Bank in the Russian Federation on issues within the competence of the National Bank.

Representing the interests of the Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations in the Russian Federation on issues of regulation and supervision of the financial market and financial organizations.

Promoting the development of relations between the Republic of Kazakhstan and the Russian Federation on issues within the competence of the National Bank and the Financial Supervision Agency.

Strengthening the image of the National Bank and the Financial Supervision Agency in the Russian Federation.

Participation in the work and meetings of interstate integration departments located on the territory of the Russian Federation as a representative of the National Bank.

Establishing and maintaining connections with financial institutions Russian Federation.

Interaction with the media of the Russian Federation on the organization of interviews with the management of the National Bank and the Financial Supervision Agency, as well as the publication of information and analytical articles by heads of departments and specialists of the National Bank and the Financial Supervision Agency.

nationalbank.kz – official website of the National Bank of the Republic of Kazakhstan

The legal status and functions of the Bank are defined in the laws “On the National Bank of the Republic of Kazakhstan” and “On Banks in the Republic of Kazakhstan”. In accordance with the law “On the National Bank of the Republic of Kazakhstan”, the independence of the National Bank from administrative and executive authorities, its accountability only to the Supreme Council and the President of the Republic of Kazakhstan is noted, it also states that it is the central bank of the Republic of Kazakhstan and represents the top level of the banking system of the Republic of Kazakhstan »

The main goal of the National Bank is to ensure price stability in the Republic of Kazakhstan. To achieve the main goal, the National Bank is assigned the following tasks:

• development and implementation of state monetary policy
• ensuring the functioning of payment systems
• implementation of currency regulation and currency control
• promoting the stability of the financial system.

The National Bank, in accordance with the tasks assigned to it, performs the following main functions:

• implementation of state monetary policy in the Republic of Kazakhstan;
• carrying out the issue of banknotes and coins on the territory of the Republic of Kazakhstan;
• performing the functions of a bank of banks;
• performing the functions of a bank, financial advisor, agent of the Government of the Republic of Kazakhstan and other services for the Government and other government bodies by agreement with them;
• organization of the functioning of payment systems;
• implementation of currency regulation and currency control in the Republic of Kazakhstan;
• management of gold and foreign exchange assets of the National Bank;
• exercising control and supervision over the activities of financial organizations, as well as regulating their activities on issues within the competence of the National Bank, etc.
• implementation trust management National Fund of the Republic of Kazakhstan.

Managment structure

The National Bank is accountable to the President of the Republic of Kazakhstan, but within the limits of the powers granted to it by law, it is independent in its activities.

The National Bank coordinates its activities with the Government of the Republic of Kazakhstan, takes into account the economic policy of the Government in its activities and promotes its implementation, if this does not contradict the performance of its main functions and the implementation of monetary policy.

The supreme governing body of the National Bank is the Board, and the operational management body is the Board of Directors.

The structure of the National Bank of Kazakhstan includes:

• central apparatus, consisting of 11 departments (one department in Astana), 10 independent departments and 1 independent department
• 16 territorial branches and two branches in the city of Almaty: Center for Cash Operations and Storage of Valuables and Center for Supporting the Operations of the National Bank
• Representative office of the National Bank in the Russian Federation
• 4 reporting organizations:
  • Republican state enterprise with the right of economic management "Kazakhstan Center for Interbank Settlements of the National Bank of the Republic of Kazakhstan"
  • Republican state enterprise with the right of economic management “Banking Service Bureau of the National Bank of the Republic of Kazakhstan”
  • Republican state enterprise with the right of economic management "Kazakhstan Mint of the National Bank of the Republic of Kazakhstan"
  • Republican state enterprise with the right of economic management "Banknote Factory of the National Bank of the Republic of Kazakhstan"

Story

• In October 1990, the Supreme Council of the Kazakh SSR adopted the Declaration of State Sovereignty of the Republic.
• On December 7, 1990, the Supreme Council of the Republic of Kazakhstan adopted the Law “On Banks and Banking Activities in the Kazakh SSR”
• On June 20, 1991, the resolution of the Supreme Council of the Kazakh SSR “On the Charter of the National State Bank of the Kazakh SSR” was adopted. In accordance with the Resolution, the National State Bank became the property of the republic and became the Central Bank.
• April 13, 1993 in accordance with the Law “On the National Bank of the Republic of Kazakhstan”, National Bank of the Kazakh SSR renamed to National Bank of the Republic of Kazakhstan.

see also

External links

• National Bank of Moldova
• National Bank of the Republic of Kazakhstan

See what the “National Bank of Kazakhstan” is in other dictionaries:

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National Bank of the Republic of Kazakhstan- (Kazakhstan Ulttyk Banki) central bank of the Republic of Kazakhstan. Contents 1 Functions 2 Management structure 3 History ... Wikipedia

National Fund of the Republic of Kazakhstan- This term has other meanings, see National Trust. National Fund of the Republic of Kazakhstan (National Fund) The state fund of the Republic of Kazakhstan, which is a set of financial assets concentrated in the account ... ... Wikipedia

Commemorative coins of Kazakhstan- The National Bank of the Republic of Kazakhstan issues commemorative, anniversary and investment coins that reflect the life, culture, ethnic characteristics, telling about the flora and fauna of the country. Commemorative coins are issued from precious and... ... Wikipedia

The legal status and functions of the Bank are defined in the laws “On the National Bank of the Republic of Kazakhstan” and “On Banks in the Republic of Kazakhstan”. In accordance with the law “On the National Bank of the Republic of Kazakhstan”, the independence of the National Bank from administrative and executive authorities, its accountability only to the Supreme Council and the President of the Republic of Kazakhstan is noted, it also states that it is the central bank of the Republic of Kazakhstan and represents the top level of the banking system of the Republic of Kazakhstan »

The main goal of the National Bank is to ensure price stability in the Republic of Kazakhstan. To achieve the main goal, the National Bank is assigned the following tasks:

• development and implementation of state monetary policy
• ensuring the functioning of payment systems
• implementation of currency regulation and currency control
• promoting the stability of the financial system.

The National Bank, in accordance with the tasks assigned to it, performs the following main functions:

• implementation of state monetary policy in the Republic of Kazakhstan;
• carrying out the issue of banknotes and coins on the territory of the Republic of Kazakhstan;
• performing the functions of a bank of banks;
• performing the functions of a bank, financial advisor, agent of the Government of the Republic of Kazakhstan and other services for the Government and other government bodies by agreement with them;
• organization of the functioning of payment systems;
• implementation of currency regulation and currency control in the Republic of Kazakhstan;
• management of gold and foreign exchange assets of the National Bank;
• exercising control and supervision over the activities of financial organizations, as well as regulating their activities on issues within the competence of the National Bank, etc.
• implementation of trust management of the National Fund of the Republic of Kazakhstan.

Managment structure

The National Bank is accountable to the President of the Republic of Kazakhstan, but within the limits of the powers granted to it by law, it is independent in its activities.

The National Bank coordinates its activities with the Government of the Republic of Kazakhstan, takes into account the economic policy of the Government in its activities and promotes its implementation, if this does not contradict the performance of its main functions and the implementation of monetary policy.

The supreme governing body of the National Bank is the Board, and the operational management body is the Board of Directors.

The structure of the National Bank of Kazakhstan includes:

• central apparatus, consisting of 11 departments (one department in Astana), 10 independent departments and 1 independent department
• 16 territorial branches and two branches in the city of Almaty: Center for Cash Operations and Storage of Valuables and Center for Supporting the Operations of the National Bank
• Representative office of the National Bank in the Russian Federation
• 4 reporting organizations:
  • Republican state enterprise with the right of economic management "Kazakhstan Center for Interbank Settlements of the National Bank of the Republic of Kazakhstan"
  • Republican state enterprise with the right of economic management “Banking Service Bureau of the National Bank of the Republic of Kazakhstan”
  • Republican state enterprise with the right of economic management "Kazakhstan Mint of the National Bank of the Republic of Kazakhstan"
  • Republican state enterprise with the right of economic management "Banknote Factory of the National Bank of the Republic of Kazakhstan"

Story

• In October 1990, the Supreme Council of the Kazakh SSR adopted the Declaration of State Sovereignty of the Republic.
• On December 7, 1990, the Supreme Council of the Republic of Kazakhstan adopted the Law “On Banks and Banking Activities in the Kazakh SSR”
• On June 20, 1991, the resolution of the Supreme Council of the Kazakh SSR “On the Charter of the National State Bank of the Kazakh SSR” was adopted. In accordance with the Resolution, the National State Bank became the property of the republic and became the Central Bank.
• April 13, 1993 in accordance with the Law “On the National Bank of the Republic of Kazakhstan”, National Bank of the Kazakh SSR renamed to National Bank of the Republic of Kazakhstan.

see also

External links

• National Bank of Moldova
• National Bank of the Republic of Kazakhstan

See what the “National Bank of Kazakhstan” is in other dictionaries:

National Bank of Kazakhstan- (National Bank of Kazakhstan) Information about the national bank of the Republic of Kazakhstan, the functions and tasks of the National Bank Information about the national bank of the Republic of Kazakhstan, the functions and tasks of the National Bank, the history of the creation of the bank Contents... ... Investor Encyclopedia

National Bank of the Republic of Kazakhstan- National Bank of Kazakhstan Kazakhstan Respublikasynyn Ұlttyk Banks Location… Wikipedia

National Bank of the Republic of Kazakhstan- (Kazakhstan Ulttyk Banki) central bank of the Republic of Kazakhstan. Contents 1 Functions 2 Management structure 3 History ... Wikipedia

National Fund of the Republic of Kazakhstan- This term has other meanings, see National Trust. National Fund of the Republic of Kazakhstan (National Fund) The state fund of the Republic of Kazakhstan, which is a set of financial assets concentrated in the account ... ... Wikipedia

Commemorative coins of Kazakhstan- The National Bank of the Republic of Kazakhstan issues commemorative, anniversary and investment coins that reflect the life, culture, ethnic characteristics, telling about the flora and fauna of the country. Commemorative coins are issued from precious and... ... Wikipedia

The structure of the National Bank of Kazakhstan includes:

central apparatus, consisting of 10 departments, 10 independent departments (one department in Astana) and 1 independent department

16 territorial branches and one branch in Almaty - Center for cash transactions and storage of valuables

Representative office of the National Bank in the Russian Federation

5 subordinate organizations:

Republican state enterprise with the right of economic management "Kazakhstan Center for Interbank Settlements of the National Bank of the Republic of Kazakhstan"

Republican state enterprise with the right of economic management "Banking Service Bureau of the National Bank of the Republic of Kazakhstan"

Republican state enterprise with the right of economic management "Kazakhstan Mint of the National Bank of the Republic of Kazakhstan"

Republican state enterprise with the right of economic management "Banknote Factory of the National Bank of the Republic of Kazakhstan"

Republican state enterprise with the right of operational management (state enterprise) "Center for Supporting the Activities of the National Bank of the Republic of Kazakhstan."

The National Bank is the founder of joint stock companies:

"Kazakhstan Deposit Guarantee Fund"

"Insurance Payment Guarantee Fund"

"Kazakhstan Mortgage Loan Guarantee Fund"

"Kazakhstan Actuarial Center"

The National Bank is also one of the founders joint stock company"National Processing Center".

The National Bank is one of the shareholders of the joint stock company "Accumulative Pension Fund"GNPF".

The governing bodies of the National Bank of Kazakhstan are the Management Board and the Board of Directors (Directorate).

The supreme governing body of the National Bank of Kazakhstan is the Board. The Board of the National Bank of Kazakhstan consists of nine people. The Board of the National Bank of Kazakhstan includes: the Chairman of the National Bank of Kazakhstan, his four deputies and the head of the accounting service of the National Bank of Kazakhstan, one representative from the President of the Republic of Kazakhstan and two representatives from the Government of the Republic of Kazakhstan. Members of the Board of the National Bank of Kazakhstan from the President of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan and the National Bank of Kazakhstan are appointed and dismissed, respectively, by the President of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan and the Chairman of the National Bank of Kazakhstan.

The functions of the Board of the National Bank of Kazakhstan include:

development of state monetary policy;

approval of regulations developed by the National Bank of Kazakhstan relating to the activities of banks;

determination of the nominal value and design of banknotes and coins based on the concept approved by the President of the Republic of Kazakhstan;

establishment of a centralized refinancing rate for operations of the National Bank of Kazakhstan with banks and the budget of the Republic of Kazakhstan;

making decisions on issuing permission to open banks and revoking them;

making decisions on issuing licenses to conduct certain types of banking operations, suspending their validity and canceling them;

approval of reserve requirements for banks;

approval of the types of external assets that can be held in external reserves;

approval of the procedure for determining the exchange rate of the currency of the Republic of Kazakhstan;

annual approval of the strategy for managing gold and foreign exchange reserves of the National Bank of Kazakhstan;

annual approval of the accounting policy;

making decisions on the introduction and abolition of the regime of mandatory sale of proceeds in foreign currency from the export of goods (works, services);

consideration, adoption and submission for approval of the President of the annual report on the work of the National Bank of Kazakhstan;

consideration and approval of the annual consolidated balance sheet of the banking system of the Republic of Kazakhstan, profit and loss statement;

approval of the Regulations on the National Bank of Kazakhstan, the structure of the National Bank of Kazakhstan, appointment and dismissal of department directors, heads of regional departments and other structural divisions of the National Bank of Kazakhstan;

approval of prudential standards for banks;

determination and approval of working conditions, the system and amount of remuneration, social security for employees of the National Bank of Kazakhstan and its divisions;

approval of the procedure and amount of funds placed by banks with foreign participation in domestic assets;

approval of the procedure for licensing banking operations;

approval of requirements for bank premises and equipment;

making decisions on mothballing banks;

Meetings of the Board of the National Bank of Kazakhstan are held as necessary, but at least once a month. Extraordinary meetings of the Board of the National Bank of Kazakhstan are convened at the request of the Chairman of the National Bank of Kazakhstan or three members of the Board. Members of the Board of the National Bank of Kazakhstan are promptly notified of the appointment of a meeting of the Board and 10 days before the appointed date are provided with materials of the meeting of the Board.

The Board of Directors of the National Bank of Kazakhstan is located in the city of Almaty.

The Chairman of the National Bank of Kazakhstan is appointed by the President of the Republic of Kazakhstan with the consent of Parliament for a period of 6 years. The Chairman acts on behalf of and represents without a power of attorney the National Bank of Kazakhstan in relations with government agencies, banks, credit, international, foreign and other organizations. The Chairman of the National Bank of Kazakhstan has the right to resign by submitting his written statement to the President of the Republic of Kazakhstan two months before resigning. The Chairman of the National Bank of Kazakhstan is dismissed from office by the President of the Republic of Kazakhstan.

The Chairman of the National Bank of Kazakhstan is responsible for the activities of the National Bank of Kazakhstan.

The Republic of Kazakhstan has a two-tier banking system.

The National Bank of the Republic of Kazakhstan (hereinafter referred to as the National Bank) is the central bank of the Republic of Kazakhstan and represents the upper (first) level of the banking system of the Republic of Kazakhstan. All other banks represent the lower (second) level of the banking system with the exception of the Development Bank of Kazakhstan, which has a special legal status.

The National Bank, within its competence, represents the interests of the Republic of Kazakhstan in relations with central banks and banks of other countries, in international banks and other financial and credit organizations.

The National Bank is accountable to the President of the Republic of Kazakhstan, but within the limits of the powers granted to it by law, it is independent in its activities.

The National Bank coordinates its activities with the Government of the Republic of Kazakhstan, takes into account the economic policy of the Government in its activities and promotes its implementation, if this does not contradict the performance of its main functions and the implementation of monetary policy.

The National Bank is a single centralized structure with a vertical chain of command. The supreme body of the National Bank is the Board, and the operational management body is the Board of Directors.

The main goal of the National Bank is to ensure price stability in the Republic of Kazakhstan. To achieve the main goal, the National Bank is assigned the following tasks:

Development and implementation of the state monetary policy;

Ensuring the functioning of payment systems;

Implementation of foreign exchange regulation and foreign exchange control;

Promoting the stability of the financial system;

Regulation, control and supervision of the financial market and financial organizations, as well as other persons within the scope of their competence;

Ensuring an adequate level of protection of the rights and legitimate interests of consumers of financial services;

Carrying out statistical activities in the field of monetary statistics and external sector statistics.