Article 15. The Board of the National Bank of Kazakhstan and its powers of the Law on the National Bank of the Republic of Kazakhstan

Home / Laws / Article 15. The Board of the National Bank of Kazakhstan and its powers of the Law on the National Bank of the Republic of Kazakhstan

1. The supreme body of the National Bank of Kazakhstan is the Management Board.

2. The Board of the National Bank of Kazakhstan, including by agreement or jointly with authorized state bodies in accordance with their competence, adopts acts on the following issues::

1) the development and implementation of monetary policy;

2) issuance of banknotes and coins of the national currency of the Republic of Kazakhstan, cash circulation, including sale, redemption, exchange, replacement, determination of solvency and withdrawal from circulation of banknotes and coins, cash operations and operations for the collection of banknotes, coins and valuables, transportation, storage and collection of banknotes, coins and valuables in the territory of the Republic Kazakhstan;

3) organization and functioning of payment systems, regulation of payment systems, regulation of the payment services market, as well as making payments and (or) money transfers in the Republic of Kazakhstan;

4) currency regulation and currency control;

5) establishment of the official exchange rate of the national currency of the Republic of Kazakhstan to foreign currencies;

6) carrying out exchange operations with foreign currency in cash in the Republic of Kazakhstan;

7) organization of security and arrangement of premises within the competence;

8) the application of limited measures of influence and supervisory response measures within the competence established by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;

9) asset management in foreign currency, precious metals and digital assets, as well as their transfer to external management;

10) implementation of the state's priority right to purchase refined gold to replenish assets in precious metals;

11) contributing to the stability of the financial system;

12) withdrawal of cash from bank accounts by business entities;

13) submission of statistical forms of reports on external sector statistics within the competence established by the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;

14) collection of administrative data (submission of financial and other statements) within the competence established by the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;

15) the introduction and cancellation by the National Bank of Kazakhstan of a special regulatory regime, the implementation of activities related to digital assets and (or) payment services under a special regulatory regime;

16) regulation of the accounting and financial reporting system, including standard charts of accounts, financial reporting standards on issues not regulated by international financial reporting standards, methodological recommendations for them, as well as automation of accounting in financial organizations, branches of non–resident banks of the Republic of Kazakhstan, branches of non–resident insurance (reinsurance) organizations Of the Republic of Kazakhstan, branches of insurance brokers – non-residents of the Republic of Kazakhstan, the Development Bank of Kazakhstan;

17) licensing the activities of legal entities operating exclusively through exchange offices, legal entities whose exclusive activity is the collection of banknotes, coins and valuables, operators of the exchange of unsecured digital assets, as well as registration of payment organizations, operators of the digital financial assets platform and operators of the digital assets trading platform in the National Bank of Kazakhstan;

18) establishing requirements for the security and continuity of information systems of banks, branches of non–resident banks of the Republic of Kazakhstan and organizations engaged in certain types of banking operations;

19) opening, maintaining and closing of metal accounts by banks and branches of non–resident banks of the Republic of Kazakhstan;

20) conducting operations with documentary letters of credit by banks of the Republic of Kazakhstan;

21) banking services by the National Bank of Kazakhstan;

22) carrying out dealer and brokerage activities by the National Bank of Kazakhstan;

23) trust management of the National Fund of the Republic of Kazakhstan, pension assets of the unified accumulative pension fund and assets of legal entities, investment operations of the National Fund of the Republic of Kazakhstan, as well as selection of external managers of the National Fund of the Republic of Kazakhstan, pension assets of the unified accumulative pension fund, except for a subsidiary of the National Bank of Kazakhstan, which manages assets of portfolios of alternative instruments transferred to her management by the National Bank of Kazakhstan;

27-1) carrying out the activities of operators of the digital financial asset platform, operators of the digital asset trading platform, organizations for storing the underlying asset of a digital financial asset and issuers of a digital financial asset in relation to digital financial assets provided for in subparagraph 1) of Article 5 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan", and the procedure for their interaction;

27-2) issuance, placement, turnover (circulation) and repayment of digital financial assets provided for in subparagraph 1) of Article 5 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan", their use and settlement of transactions with them;

27-3) implementation of the activities of operators of the exchange of unsecured digital assets;

27-4) reporting by the operators of the exchange of unsecured digital assets;

24) carrying out operations with foreign currency in the National Bank of Kazakhstan, converted into state ownership on separate grounds;

25) appointment to a position and termination of an employment contract with employees of the National Bank of Kazakhstan and its departments;

26) purchases of goods, works and services by the National Bank of Kazakhstan, its departments, organizations included in its structure, and legal entities, fifty or more percent of the voting shares (stakes in the authorized capital) of which belong to the National Bank of Kazakhstan or are in its trust management, the authorized body for regulation, control and supervision of financial market and financial organizations;

27) determining the maximum annual effective interest rate on bank loans and micro-loans;

28) falling within the competence of the National Bank of Kazakhstan, not provided for by this paragraph, in accordance with this Law, other legislation of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

3. Board of the National Bank of Kazakhstan:

1) defines activities related to monetary policy;

2) reviews, approves and submits for approval to the President of the Republic of Kazakhstan the annual report on the work of the National Bank of Kazakhstan, the structure, the total staff of the National Bank of Kazakhstan;

3) approves the remuneration system for employees of the National Bank of Kazakhstan, agreed with the President of the Republic of Kazakhstan, as well as the terms of remuneration and social security for employees of the National Bank of Kazakhstan and its departments;

4) approves the budget (cost estimates) of the National Bank of Kazakhstan;

5) decides on financing the activities of the authorized body for regulation, control and supervision of the financial market and financial organizations;

6) makes decisions on the establishment and participation in the activities of organizations, including those contributing to the implementation of the functions assigned to it by the National Bank of Kazakhstan and (or) being part of the financial market infrastructure, as well as on changing their names, reorganizing and liquidating;

7) performs other functions and powers provided for by this Law, other legislation of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated March 30, 1995 No. 2155.

President

Republic of Kazakhstan

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