The National Bank of Kazakhstan (Kazakh: Қазақстан Ұлттық Банкі, Qazaqstan Ulttıq Banki) is the central bank of Kazakhstan.
The National Bank was formed on April 13, 1993 with the reorganization of the of the Soviet era Kazakh Republican bank (Gosbank) to become the central bank of Kazakhstan.
The Republic of Kazakhstan has a two-tier banking system. The National Bank of the Republic of Kazakhstan (hereinafter - the National Bank) is the central bank of Kazakhstan and presents the upper (first) tier of the banking system of Kazakhstan. All other banks present lower (second) tier of the banking system, excluding the Development Bank of Kazakhstan, that has peculiar legal status.
The National Bank represents, within the limits of its authority, the interests of the Republic of Kazakhstan in the relations with the central banks
, with banks of other countries, in the international banks and other financial-credit organizations.
The National Bank should not be guided by the aim of gaining profit in performing its tasks.
The National Bank is accountable to the President of the Republic of Kazakhstan, but within the limits of authority granted by the legislation, is independent in its activity.
The National Bank coordinates its activity with the Government of the Republic of Kazakhstan, in its activity takes into consideration the economic policy of the Government and facilitates its implementation, if doing so is not in conflict with the realization of its main functions and implementation of monetary policy.
The National Bank has a common centralized system with the vertical administrative scheme. The highest administrative authority of the National Bank is the Board, the authority of the executive management is the Council of Directors.
The primary goal of the National Bank is to ensure the stability of prices in the Republic of Kazakhstan. To accomplish the main goal the National Bank is assigned with the following tasks:
- Development and implementation of the state’s monetary policy;
- Support of payment system functioning;
- Implementation of foreign exchange regulation and foreign exchange control;
- Promoting stability of financial system and further development of the financial market and financial organizations, as well as maintaining confidence in the financial system as a whole;
- Ensuring an adequate level of protection of the rights and legitimate interests of consumers of financial services.
According to its tasks, the National Bank performs the following functions:
Structure and Organization
- Realization of the state monetary policy in the Republic of Kazakhstan;
- Issuance of banknotes and coins on the territory of the Republic of Kazakhstan;
- The function of the bank, the financial adviser and financial agent of the Government of the Republic of Kazakhstan and other services for the Government and other state agencies, according to the agreements with them;
- Organization and oversight of functioning of payment system;
- Realization of currency control and currency regulation in the Republic of Kazakhstan;
- Management of the gold currency assets of the National Bank;
- Regulation of financial market and financial institutions, as well as other persons within the jurisdiction;
- Monitoring and supervision of financial market, financial institutions and other persons within the jurisdiction, including the verification and monitoring for compliance with their regulatory legal acts of the National Bank of Kazakhstan;
- Monitoring financial market and financial institutions in order to maintain financial system stability;
- Setting standards for financial institutions, creating incentives to improve corporate governance of financial institutions;
- Regulation of the activity and development of the Regional Financial Center of Almaty city;
- Trust management of assets of the National fund of the Republic of Kazakhstan.
The structure of National Bank of Kazakhstan includes:
- the headquarters, that consists of 17 departments (one department in Astana), 6 independent divisions;
- 16 territorial branches and oyan branch in a city of Almaty: the Center of cash operations and storage of values.
Representation of the National Bank in the Russian Federation include:
- The National Bank of the Republic of Kazakhstan’s Committee for the Control and Supervision of the Financial Market and Financial Organizations;
- The National Bank of the Republic of Kazakhstan’s Committee for the Development of the Regional Financial Center of the City of Almaty.
4 organizations, accountable to the National Bank:
- The Republican State Enterprise with the right of the economic activity "Kazakhstan Interbank Settlement Center of the National Bank of Republic of Kazakhstan";
- The Republican State Enterprise with the right of the economic activity "The Bank Service Bureau of the National Bank of Republic of Kazakhstan";
- The Republican State Enterprise with the right of the economic activity "Kazakhstan Mint of the National Bank of Republic of Kazakhstan";
- The Republican State Enterprise with the right of the economic activity " The Banknote Factory of the National Bank of Republic of Kazakhstan".
The National Bank is a founder and shareholder of the joint-stock companies:
International activity of the National Bank of Kazakhstan
- «Kazakhstan Deposits Insurance Fund»;
- «Back-up Center of the National Bank of Kazakhstan "Q-BRO"»;
- «Center of activities’ maintenance of the National Bank of Kazakhstan»;
- «The Integrated Securities Registrar»;
- «Fund of Problem Loans»;
- «National Investment Corporation of National Bank of Kazakhstan »;
- «The State Credit Bureau»
National Bank as the central bank of the state is involved in process of joining of the Republic of Kazakhstan in the system of global communications. The Republic of Kazakhstan is a constant member in the international financial organizations. The international activity of the National Bank develops in following basic directions:
- Development and a deepening of communications with the central banks of foreign states and international financial organizations;
- Participation in interstate organizational structures of the CIS countries and regional integration institutions;
- Membership of the Republic of Kazakhstan in international financial organizations.
- Currency of Republic of Kazakhstan:
- Kazakh tenge
- List of Central Banks:
- Central Banks
- Official website of National Bank of Kazakhstan:
- Law On the National Bank of the Republic of Kazakhstan:
- Ministry of Finance of the Republic of Kazakhstan: