Article 51-2. Macroprudential Policy of the Law On the National Bank of the Republic of Kazakhstan

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 The footnote. Title of Article 51-2 as amended by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (effective from 01/01/2020).

Macroprudential policy is understood as a set of measures aimed at reducing the systemic risks of the financial system.

Systemic risks of the financial system are understood as risks of disrupting the provision of financial services, leading to a deterioration in the financial condition of the entire financial system or part of it and (or) undermining its stable functioning. The systemic risks of the financial system also include the risks of systemically important financial organizations.

Systemically important financial organizations are understood as financial organizations, on the stable functioning of which the stability of the financial system as a whole depends.

In order to form a macroprudential policy, the National Bank of Kazakhstan:

1) regularly monitors the systemic risks of the financial system;

IZPI's note! The fourth part of Article 51-2 is provided to be supplemented by subparagraph 1-1) in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

1-1) establishes macroprudential standards and limits, which are economic restrictions for reducing the systemic risks of second–tier banks and branches of non-resident banks of the Republic of Kazakhstan;

2) in coordination with the authorized body for regulation, control and supervision of the financial market and financial organizations, determines the procedure for classifying financial organizations as systemically important;

2-1) generates a list of systemically important financial organizations;

3) independently or jointly with other state bodies, within their competence, submits for consideration by the Financial Stability Council of the Republic of Kazakhstan measures aimed at ensuring financial stability;

4) in the event of a systemic financial crisis, independently or jointly with the Government of the Republic of Kazakhstan, imposes restrictions on the conduct of certain types of banking and other operations by financial institutions.

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

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