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Events calendar

7 December

7 December 1990

The law “About Banks and Bank Activity in the Kazakh SSR” was adopted in Kazakhstan

The legal status and functions of the banks are determined by the law “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 National Bank of the Republic became independent from the administrative and executive authorities of the country; the Bank is now accountable only to the Supreme Council and the President of the Republic of Kazakhstan, moreover, the National Bank is the central bank of the Republic and occupies the highest level of the banking system.

The main objective of the National Bank is to ensure the price stability in the Republic of Kazakhstan. To accomplish the main goal, the National Bank shall have the following tasks:

·  The development and implementation of the monetary policy of the state

·  Ensuring the functioning of payment systems

·  The implementation of a currency regulation and currency control

·  Promoting the financial system stability

In accordance with the assigned tasks, the National Bank shall consider the following functions:

·  conducting of  a state monetary policy in the Republic of Kazakhstan

·  the implementation of issue of banknotes and coins in the Republic of Kazakhstan;

·  the implementation of functions of the bank of banks;

·  the implementation of functions of the bank, financial adviser, agent of the Government of the Republic of Kazakhstan and other services to the Government and other public bodies in accordance with the agreement concluded between them;

·  ensuring the functioning of payment systems

·  the implementation of a currency regulation and currency control in the Republic of Kazakhstan

·  the management of the National Bank gold assets;

·  monitoring and supervision of the financial institutions, as well as the regulation of their activities on issues related to the competence of the National Bank and others

·  The implementation of a trust management of the National Fund of the Republic of Kazakhstan.

7 December 1996