Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF KAZAKHSTAN

of March 30, 1995 No. 2155

About National Bank of the Republic of Kazakhstan

(as amended on 02-01-2021)

Chapter 1. General provisions

Article 1. Bank system of the Republic of Kazakhstan

The Republic of Kazakhstan has dual banking.

The National Bank of the Republic of Kazakhstan (National Bank of Kazakhstan) is Central Bank of the Republic of Kazakhstan and represents the top (first) level of bank system of the Republic of Kazakhstan.

The National Bank of Kazakhstan represents, within the competence, interests of the Republic of Kazakhstan in the relations with Central Banks and banks of other countries, in international banks and other financial credit institutions.

The National Bank of Kazakhstan in case of accomplishment of the tasks shall not be guided by the profit earning purpose.

Types, legal status, procedure for creation, functioning and liquidation of banks of the second level are determined by the bank law of the Republic of Kazakhstan.

Article 2. Status and legal basis of activities of National Bank of Kazakhstan

The National Bank of Kazakhstan is the state body which is providing development and carrying out monetary policy of the state, functioning of payment systems, performing currency control and currency exchange control, promoting stability of financial system and carrying out the state statistics, and also performing within the competence state regulation, control and supervision of the financial market, the financial organizations and other persons and in the field of the financial legislation of the Republic of Kazakhstan.

The National Bank of Kazakhstan in the activities is guided by the Constitution of the Republic of Kazakhstan, this Law, other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and international treaties of the Republic of Kazakhstan.

Article 3. Accountability of National Bank of Kazakhstan

The National Bank of Kazakhstan is accountable to the President of the Republic of Kazakhstan.

Accountability to the President of the Republic of Kazakhstan means:

appointment as the President of the Republic of Kazakhstan with the consent of the Senate of Parliament of the Republic of Kazakhstan the Chairman of National Bank of Kazakhstan; release it from position;

position assignment and dismissal by the President of the Republic of Kazakhstan vice-chairmen of National Bank of Kazakhstan on representation of the Chairman of National Bank of Kazakhstan;

approval by the President of the Republic of Kazakhstan of structure and general number of staff of National Bank of Kazakhstan;

in coordination with the President of the Republic of Kazakhstan approval of National Bank of Kazakhstan by Board of wages system of employees of National Bank of Kazakhstan;

approval by the President of the Republic of Kazakhstan of the Regulations on National Bank of Kazakhstan;

approval of the annual statement of National Bank of Kazakhstan by the President of the Republic of Kazakhstan;

approval by the President of the Republic of Kazakhstan of the concept of design of banknotes and coins of national currency - the Kazakhstani tenge;

representation by National Bank of Kazakhstan concerning the competence of information requested by the President of the Republic of Kazakhstan.

Article 3-1. Strategic plan and memorandum of National Bank of Kazakhstan

1. The National Bank of Kazakhstan develops the strategic plan for the five-year period in which it determines strategic directions, the purposes and target indicators of activities of National Bank of Kazakhstan.

The strategic plan affirms the Chairman of National Bank of Kazakhstan in coordination with the President of the Republic of Kazakhstan or according to its authorization the Head of Administration of the President of the Republic of Kazakhstan.

2. The National Bank of Kazakhstan annually develops the memorandum for the next financial year containing key target indicators, achievement (accomplishment) of which the Chairman of National Bank of Kazakhstan shall provide in planning period.

The memorandum is signed by the Chairman of National Bank of Kazakhstan and affirms the President of the Republic of Kazakhstan or according to its authorization the Head of Administration of the President of the Republic of Kazakhstan.

The National Bank of Kazakhstan following the results of year till the February 20 following after accounting year submits the report on accomplishment of the memorandum in Administration of the President of the Republic of Kazakhstan.

Article 4. Regulatory legal acts of National Bank of Kazakhstan

The National Bank of Kazakhstan on the basis and in pursuance of the laws of the Republic of Kazakhstan on the questions carried to its competence publishes the regulatory legal acts obligatory for execution by the financial organizations, branches of banks - nonresidents of the Republic of Kazakhstan, branches of the insurance (reinsurance) organizations - nonresidents of the Republic of Kazakhstan, branches of insurance brokers - nonresidents of the Republic of Kazakhstan, other physical persons and legal entities in the territory of the Republic of Kazakhstan.

Regulatory legal acts of National Bank of Kazakhstan are published in official publications - "Kazakstan by Habarshysynd Ylttyk Bankinin", "the Bulletin of National Bank of the Republic of Kazakhstan" in the Kazakh and Russian languages.

Article 6. National Bank of Kazakhstan - the legal entity

The National Bank of Kazakhstan is legal entity in form of business of republican public institution, has separate balance and together with the branches, representations, departments and the organizations constitutes single structure.

The National Bank of Kazakhstan acts on behalf of the Republic of Kazakhstan as the founder of joint-stock companies and limited liability partnerships, participates in organization activity, including promoting implementation by National Bank of Kazakhstan the functions assigned to it and (or) which are part of infrastructure of the financial market.

The National Bank of Kazakhstan can open the branches and representations in the Republic of Kazakhstan and beyond its limits.

Chapter 2. Main objective, tasks, functions and powers of National Bank of Kazakhstan

Article 7. Main objective and tasks of National Bank of Kazakhstan

Main objective of National Bank of Kazakhstan is ensuring price stability in the Republic of Kazakhstan.

For realization of main objective the following tasks are assigned to National Bank of Kazakhstan:

1) development and carrying out monetary policy of the state;

2) ensuring functioning of payment systems;

3) implementation of currency control and currency exchange control;

4) assistance to ensuring stability of financial system;

5) it is excluded according to the Law of the Republic of Kazakhstan of 03.07.2019 No. 262-VI ZRK

6) it is excluded according to the Law of the Republic of Kazakhstan of 03.07.2019 No. 262-VI ZRK

7) implementation of statistical activities in the field of monetary statistics, statistics of the financial market and statistics of the external sector;

8) other tasks according to the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Article 8. Functions and powers of National Bank of Kazakhstan

National Bank of Kazakhstan:

Develops 1) and pursues the state monetary policy of the Republic of Kazakhstan;

2) emits the government issued securities;

3) is the single issuer of banknotes and coins of national currency of the Republic of Kazakhstan and will organize cash circulation in the territory of the Republic of Kazakhstan;

4) participates in ensuring transportation, storage and collection of banknotes, coins and values, creates reserve state funds of banknotes, coins and values;

5) exercises control and supervision of observance of requirements to the device of rooms by the legal entities performing activities only through exchange points based on the license of National Bank of Kazakhstan for exchange transactions with cash foreign currency, and legal entities whose exclusive activities is collection of banknotes, coins and values;

Regulates 6) and exercises supervision (oversight) of interbank money transfer system, system of interbank clearing and other payment systems providing carrying out money transfers between users in the Kazakhstani tenge;

7) for the purpose of streamlining of payments and money transfers is established in coordination with the Government of the Republic of Kazakhstan by payment priority according to bank accounts, performed by the banks, the organizations performing separate types of banking activities, branches of nonresident banks of the Republic of Kazakhstan and subjects of business activity if other is not provided by the laws of the Republic of Kazakhstan;

8) performs currency control and currency exchange control in the Republic of Kazakhstan;

9)  No. 156-VI ZRK is excluded according to the Law of the Republic of Kazakhstan of 24.05.2018;

10) is provided by asset management in foreign currency and precious metals;

11) exercises the priority right of the state to acquisition of the affined gold for replenishment of assets in precious metals;

12) performs in cases, stipulated by the legislation the Republic of Kazakhstan, monitoring tests of tests (samples) of the precious metals and primary goods containing precious metals;

12-1) performs storage and testing of precious metals, except for products from them, and tests (samples) of the primary goods containing precious metals which owners are the financial organizations, the other persons having the right to implementation of export-import transactions with the precious metals and primary goods containing precious metals;

12-2) in cases, stipulated by the legislation the Republic of Kazakhstan, performs transportation, acceptance, accounting, storage of precious metals, gemstones and products from them turned (arrived) into property of the state on the separate bases;

13) independently and (or) together with other state bodies of the Republic of Kazakhstan within their competence is performed by regulation of systemic risks;

14) grants loans according to the procedure and on the conditions provided by this Law and legal acts of National Bank of Kazakhstan, loans of final instance according to the procedure and on conditions, provided by this Law and joint regulatory legal act of National Bank of Kazakhstan and authorized body on regulation, control and supervision of the financial market and the financial organizations;

15) participates in regulation of external debt of the financial organizations;

16) develops statistical methodology and determines the list, forms, terms and procedure for representation of primary statistical data by cash circulation, monetary statistics and statistics of the financial market, paying balance, external debt, the international investment line item, ensuring financial stability;

17) makes departmental statistical observations according to the plan of statistical works, and also within the competence exercises control in the field of the state statistics;

Creates 18) and distributes statistical information on the overview of the financial market, monetary statistics and statistics of the financial market, paying balance, the international investment line item and external debt, participates in development of projections of paying balance;

18-1) performs collection and administrative data processing concerning currency control, monetary statistics and statistics of the financial market, cash circulation, payments and payment systems, financial stability, regulation, control and supervision of the financial organizations and their affiliates, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan, the organization guaranteeing implementation of insurance payments, credit bureaus and collection agencies;

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.