National Bank of Kazakhstan

National Bank of Kazakhstan Қазақстан Ұлттық Банкі
Headquarters	Almaty
Established	April 13, 1993 (1993-April-13)
Governor	Grigori Marchenko
Central bank of	Kazakhstan
Currency	Kazakhstan Tenge
ISO 4217 Code	KZT
Website	http://www.nationalbank.kz

The National Bank of Kazakhstan (Kazakh: Қазақстан Ұлттық Банкі, Qazaqstan Ulttıq Banki) is the central bank of Kazakhstan.

Contents 1 History 2 Structure and functions 3 See also 4 External links

[edit] History

The National Bank was formed on April 13, 1993 with the reorganisation of the of the Soviet era Kazakh Republican bank (Gosbank) to become the central bank of Kazakhstan.

[edit] Structure and functions

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The Republic of Kazakhstan has a two-tier banking system. 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 Kazakhstan Development Bank, which has peculiar legal status.

The National Bank represents, within the limits of its authority, the interests of the Republic of Kazakhstan in relations with the central banks, with banks of other countries, with 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 of Kazakhstan 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 of Kazakhstan 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,
• assistance for maintenance of financial system's stability.

According to its tasks, the National Bank performs the following functions:

• 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 a bank of banks
• the function of the bank, the financial advisor 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 supervision 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
• control and supervision over the activities of the financial organizations and regulation of their activities within the competence of the National Bank
• management of assets of the National fund of the Republic of Kazakhstan.

The structure of National Bank of Kazakhstan includes:

• the central administration, that consists of 11 departments (one department in Astana), 10 independent divisions and 1 independent sub-division
• 4 organisations, accountable to the National Bank:
  • "Kazakhstan Interbank Settlement Center of the National Bank of Republic of Kazakhstan"
  • "The Bank Service Bureau of the National Bank of Republic of Kazakhstan"
  • "Kazakhstan Mint of the National Bank of Republic of Kazakhstan"
  • "The Banknote Factory of the National Bank of Republic of Kazakhstan"

The National Bank is a founder of joint-stock companies:

• Kazakhstan Deposits Insurance Fund
• Insurance Payments Guarantee Fund
• Mortgage Guarantee Fund of Kazakhstan
• Kazakhstan Actuarial Center
• Back-up Center of the National Bank of Kazakhstan " Q-BRO"

The current chairman is Grigori Marchenko.

[edit] See also

• Economy of Kazakhstan
• Kazakhstani tenge

[edit] External links

• (Russian) (Kazakh) (English) National Bank of Kazakhstan official site

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