National Bank of Kazakhstan to be reorganized
from open sources
At the plenary session Majilis approved in the first reading the draft amendments to some legislative acts on the regulation and development of the financial market and microfinance activity, Kazpravda.kz reports.
The bill provides for establishment of an independent body for financial sector regulation.
To promote economic growth in the country, the National Bank intends to concentrate on the classic functions of a central bank (sustaining prices, monetary policy, currency regulation, development of the payment system).
It was proposed to transfer the functions of regulation of the financial market and consumer protection to the newly created Agency for the Regulation and Development of Financial Markets.
The basic principle of the separation of the National Bank and the new agency is to preserve the existing status and the legal basis for the National Bank functioning and extend them to the new agency.
The new agency, which will be located in Almaty, is to be made directly subordinate to the President with funding from the republican budget.
In order to prevent the uncontrolled growth of the debt burden of the population, it is proposed to introduce appropriate instruments of regulation and supervision in relation to all the lending entities.