Kazakhstan Ulttyk Banki (National Bank of Kazakhstan)

By: EconomyWatch   Date: 9 September 2010

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The Kazakhstan Ulttyk Banki or the National Bank of Kazakhstan is the central bank of the Republic of Kazakhstan.

The National Bank of Kazakhstan is accountable to the President of the Republic of Kazakhstan. The bank is independent in its activities. The country has a two-tier banking system. The National Bank of Kazakhstan represents the upper (first) tier of this structure. As the central bank of the country, the Bank of Kazakhstan is required to perform the following functions:

  • The development and implementation of the state's monetary policy
  • The support of payment system functioning
  • The implementation of foreign exchange regulation and foreign exchange control
  • Assistance for maintenance of financial system stability
  • Regulating the volume of money in circulation
  • Acting as the lender of the last resort
  • Acting as the financial advisor and a financial agent to the government
  • Maintaining the minimum level of reserves

The Kazakhstani Banking system is registering a phenomenal success. The capitalization of the banking system exceeds $1 billion. The National Bank has introduced deposit insurance in its effort to strengthen the banking sector.

The National Bank of Kazakhstan has a vertical administration scheme. The Board is the highest administrative authority of the bank. The Council of Directors is the authority of executive management. The National Bank of Kazakhstan performs its functions in collaboration with the Government of Kazakhstan. The bank also takes into consideration the economic policy of the government and acts as a facilitator in its implementation.

The Address and Contact details of the bank is as follows:

National Bank of Kazakhstan

Address: 21, Koktem-3 480090 Almaty KAZAKHSTAN Phone No.: ++7-3272-50 47 01 Fax: ++7-3272-50 60 90


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