On the National Bank of the Republic of Kazakhstan

Official source: Adilet / https://adilet.zan.kz/rus/docs/Z950002155_ The relevance of the editorial office has been verified: 2026-06-21.

Attention users! For ease of use, RCPI has been created CONTENTS Footnote. The title is given in a new edition, the preamble is excluded, in the text the words “Decree”, “Decree”, “Decree” are replaced, respectively, by the words “Law”, “Law”, “Law” - by the Law of the Republic of Kazakhstan dated March 2, 2001 No. 162 (see Art. 2). In the text, after the word “Chapter”, the numbers “I - XIII” are replaced, respectively, by the numbers “1 - 13” - by the Law of the Republic of Kazakhstan dated December 20, 2004. No. 13. Throughout the text, the word “(interest)” is excluded - by the Law of the Republic of Kazakhstan dated July 8, 2005 No. 69.

Chapter 1.

GENERAL PROVISIONS

Article 1. Banking system of the Republic of Kazakhstan

The Republic of Kazakhstan has a two-tier banking system.

The National Bank of the Republic of Kazakhstan (National Bank of Kazakhstan) is the central bank of the Republic of Kazakhstan and represents the upper (first) level of the banking system of the Republic of Kazakhstan.

The National Bank of Kazakhstan represents, within its competence, the interests of the Republic of Kazakhstan in relations with central banks and banks of other countries, in international banks and other financial and credit organizations.

When performing its tasks, the National Bank of Kazakhstan should not be guided by the goal of making a profit.

The types, legal status, procedure for the creation, operation and liquidation of second-tier banks are determined by the banking and other legislation of the Republic of Kazakhstan.

Footnote. Article 1 - as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law dated December 5, 1995 No. 2672; Law of July 11, 1997 No. 154; Law of the Republic of Kazakhstan dated July 10, 2003 No. 483 (enters into force on January 1, 2004).

Article 2. Status and legal basis for the activities of the National Bank of Kazakhstan

The National Bank of Kazakhstan is a state body that ensures the development and implementation of the state's monetary policy (hereinafter referred to as monetary policy), the functioning of payment systems, carrying out currency regulation and foreign exchange control, promoting the stability of the financial system and conducting state statistics, as well as carrying out, within its competence, state regulation, control and supervision of the financial market, financial organizations and other persons and in the field of financial legislation of the Republic of Kazakhstan.

The National Bank of Kazakhstan in its activities is guided by the Constitution of the Republic of Kazakhstan, this Law, other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and international treaties of the Republic of Kazakhstan.

Footnote. Article 2 as amended by the Law of the Republic of Kazakhstan dated December 28, 2011 No. 524-IV (shall be brought into force ten calendar days after its first official publication); as amended by the laws of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (put into effect 01/01/2016); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 30.06.2025 No. 205-VIII (shall be introduced into force upon expiration of sixty calendar days after the day of its first official publication).

Article 3. Accountability of the National Bank of Kazakhstan

The National Bank of Kazakhstan is accountable to the President of the Republic of Kazakhstan.

Accountability to the President of the Republic of Kazakhstan means:

appointment by the President of the Republic of Kazakhstan, with the consent of the Senate of the Parliament of the Republic of Kazakhstan, of the Chairman of the National Bank of Kazakhstan; his dismissal from office;

appointment and dismissal by the President of the Republic of Kazakhstan of Deputy Chairman of the National Bank of Kazakhstan on the recommendation of the Chairman of the National Bank of Kazakhstan;

approval by the President of the Republic of Kazakhstan of the structure and total staffing of the National Bank of Kazakhstan;

in agreement with the President of the Republic of Kazakhstan, approval by the Board of the National Bank of Kazakhstan of the remuneration system for employees of the National Bank of Kazakhstan;

approval by the President of the Republic of Kazakhstan of the Regulations on the National Bank of Kazakhstan;

approval by the President of the Republic of Kazakhstan of the annual report of the National Bank of Kazakhstan;

approval by the President of the Republic of Kazakhstan of the design concept for banknotes and coins of the national currency - the Kazakhstani tenge;

submission by the National Bank of Kazakhstan on issues of its competence of information requested by the President of the Republic of Kazakhstan.

Footnote. Article 3 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated 05.12.1995 N 2672; as amended by the laws of the Republic of Kazakhstan dated June 29, 1998 N 236; dated 03/02/2001 N 162 (see Art. 2); dated 07/08/2005 N 69; dated 04/29/2009 N 154-IV (the order of enforcement see Article 2); dated July 11, 2017 No. 91-VI (shall be enforced ten calendar days after the day of its first official publication).

Article 3-1. Strategic plan of the National Bank of Kazakhstan

The National Bank of Kazakhstan develops a strategic plan for a five-year period, in which it determines the strategic directions, goals and target indicators of the activities of the National Bank of Kazakhstan.

The strategic plan is approved by the Chairman of the National Bank of Kazakhstan in agreement with the President of the Republic of Kazakhstan or, upon his authority, by the Head of the Administration of the President of the Republic of Kazakhstan.

Footnote. Chapter 1 is supplemented by Article 3-1 in accordance with the Law of the Republic of Kazakhstan dated 01/02/2021 No. 399-VI (shall be enforced upon the expiration of ten calendar days after the day of its first official publication); as amended by the Law of the Republic of Kazakhstan dated December 30, 2022 No. 177-VII (shall be brought into force ten calendar days after the day of its first official publication).

Article 4. Regulatory legal acts of the National Bank of Kazakhstan

The National Bank of Kazakhstan, on the basis of and in pursuance of the laws of the Republic of Kazakhstan on issues within its competence, issues regulatory legal acts that are binding on financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan, and other individuals and legal entities on the territory of the Republic of Kazakhstan.

The list of subordinate regulatory legal acts adopted by the National Bank of Kazakhstan in accordance with the laws of the Republic of Kazakhstan on issues within its competence is determined in the regulations on the National Bank of Kazakhstan.

Footnote. Article 4 as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated 07/10/2003 N 483 (effective from 01/01/2004); dated 07/05/2012 No. 30-V (shall be enforced upon expiration of ten calendar days after its first official publication); dated 07/03/2019 No. 262-VI (the order of enforcement see Article 2); dated 30.06.2025 No. 205-VIII (shall be introduced into effect upon expiration of sixty calendar days after the day of its first official publication). Article 5. (excluded by the Law of the Republic of Kazakhstan dated July 11, 1997 N 154)

Article 6. National Bank of Kazakhstan - legal entity

The National Bank of Kazakhstan is a legal entity in the organizational and legal form of a republican state institution, has an independent balance sheet and, together with its branches, representative offices, departments and republican state enterprises (hereinafter referred to as the organizations of the National Bank of Kazakhstan), forms a single structure.

The National Bank of Kazakhstan acts on behalf of the Republic of Kazakhstan as a founder of joint-stock companies and limited liability partnerships, participates in the activities of organizations, including those that contribute to the implementation by the National Bank of Kazakhstan of the functions assigned to it and (or) that are part of the financial market infrastructure.

The National Bank of Kazakhstan may open its branches and representative offices in the Republic of Kazakhstan and abroad.

Footnote. Article 6 as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force after ten calendar days after its first official publication); as amended by the laws of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020); dated 30.06.2025 No. 205-VIII (shall be introduced into force upon the expiration of sixty calendar days after the day of its first official publication).

Chapter 2.

The main goal, tasks, functions and powers of the National Bank of Kazakhstan. Principles of this Law

Footnote. Title - as amended by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (shall be introduced into force upon expiration sixty calendar days after the day of its first official publication).

Article 7. Main goal and objectives of the National Bank of Kazakhstan

The main goal of the National Bank of Kazakhstan is to ensure price stability in the Republic of Kazakhstan.

To achieve the main goal, the National Bank of Kazakhstan is assigned the following tasks:

1. development and implementation of monetary policy;

2. ensuring the functioning of payment systems;

3. implementation of currency regulation and currency control;

4. assistance in ensuring the stability of the financial system;

5. excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020);

6. excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020);

7. carrying out statistical activities in the field of monetary statistics, financial market statistics and external sector statistics;

8. other tasks in accordance with the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Footnote. Article 7 of the edition of the Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced from January 1, 2004); as amended by the laws of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force ten calendar days after its first official publication); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 30.06.2025 No. 205-VIII (shall be introduced into force upon expiration of sixty calendar days after the day of its first official publication).

Article 7-1. Principles of this Law

This Law is based on the principles of legality of activity, accountability to the President of the Republic of Kazakhstan and independence of the National Bank of Kazakhstan within the powers granted to it by the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Footnote. Chapter 2 is supplemented by Article 7-1 in accordance with the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (introduced into effect upon the expiration of sixty calendar days after the day of its first official publication).

Article 8. Functions and powers of the National Bank of Kazakhstan

National Bank of Kazakhstan:

1. develops and implements monetary policy;

2. issues government issued securities;

3. is the sole issuer of banknotes and coins of the national currency of the Republic of Kazakhstan and organizes cash circulation on the territory of the Republic of Kazakhstan;

3-1) determines the procedure for replacing the banknotes of the national currency of the Republic of Kazakhstan in circulation when their design (form) is changed;

3-2) determines the procedure for conducting cash transactions with individuals and legal entities in the National Bank of Kazakhstan;

3-3) is the only issuer of digital tenge;

4. participates in ensuring the transportation, storage and collection of banknotes, coins and valuables, creates reserve state funds of banknotes, coins and valuables;

5. exercises control and supervision over compliance with the requirements for the arrangement of premises by legal entities operating exclusively through exchange offices on the basis of a license from the National Bank of Kazakhstan for exchange transactions with cash foreign currency, and legal entities whose exclusive activity is the collection of banknotes, coins and valuables;

6. regulates and carries out supervision (oversight) of the interbank money transfer system, interbank clearing system and other payment systems that ensure money transfers between users in Kazakhstani tenge;

7. in order to streamline payments and money transfers, establishes, in agreement with the Government of the Republic of Kazakhstan, the order of payments on bank accounts made by banks, organizations carrying out certain types of banking operations, branches of non-resident banks of the Republic of Kazakhstan and business entities, unless otherwise provided by the laws of the Republic of Kazakhstan;

8. carries out currency regulation and currency control in the Republic of Kazakhstan;

8-1) establishes qualification requirements for legal entities whose exclusive activity is the collection of banknotes, coins and valuables, which include requirements for the organizational and legal form, requirements for founders (participants), including disclosure of the sources of origin of their contributions to the authorized capital, requirements for the size and procedure for the formation of the authorized capital, as well as premises, technical means, equipment and employees of legal entities whose exclusive activity is the collection of banknotes, coins and valuables;

8-2) determines the procedure for organizing security and arrangement of premises of second-tier banks, branches of non-resident banks of the Republic of Kazakhstan, organizations carrying out certain types of banking operations;

8-3) determines the procedure for carrying out cash transactions and operations for the collection of banknotes, coins and valuables, including the organization of automobile collection transportation, in second-tier banks, branches of non-resident banks of the Republic of Kazakhstan, organizations carrying out certain types of banking operations;

8-4) together with other authorized state bodies of the Republic of Kazakhstan, regulates the withdrawal of cash from bank accounts by business entities;

9. excluded by the Law of the Republic of Kazakhstan dated May 24, 2018 No. 156-VI (shall be brought into force ten calendar days after the day of its first official publication);

10. provides management of assets in foreign currency, precious metals and digital assets;

11. exercises the priority right of the state to purchase refined gold to replenish assets in precious metals;

12. carries out, in cases provided for by the legislation of the Republic of Kazakhstan, control tests of samples (samples) of precious metals and raw materials containing precious metals;

12-1) carries out storage and testing of precious metals, with the exception of products made from them, and samples (samples) of raw materials containing precious metals, the owners of which are financial organizations and other persons entitled to carry out export-import transactions with precious metals and raw materials containing precious metals;

12-2) in cases provided for by the legislation of the Republic of Kazakhstan, carries out transportation, reception, accounting, storage of precious metals, precious stones and products made from them, converted (received) into the ownership of the state on certain grounds;

13. independently and (or) jointly with other government bodies of the Republic of Kazakhstan, within the framework of their competence, regulates systemic risks;

14. provides loans in accordance with the legislation of the Republic of Kazakhstan;

15. excluded by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (entered into force upon expiration sixty calendar days after the day of its first official publication).

16. develops statistical methodology, generates and disseminates statistical information on monetary statistics, financial market statistics and external sector statistics (balance of payments, international investment position and external debt);

17. develops statistical forms for external sector statistics, conducts departmental statistical observations in accordance with the statistical work plan, and also, within its competence, exercises control in the field of state statistics;

18. excluded by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (entered into force upon expiration sixty calendar days after the day of its first official publication).

18-1) collects and processes administrative data (financial and other reporting) on ​​issues of currency regulation and foreign exchange control, monetary statistics, cash circulation, payments and payment systems, regulation, control and supervision of the financial market and financial organizations and in the field of financial legislation of the Republic of Kazakhstan and determines the procedure for their presentation;

19. carries out, within its competence, regulation of the financial market and financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan and other persons, as well as control and supervision of the financial market and financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic Kazakhstan and in the field of financial legislation of the Republic of Kazakhstan in accordance with this Law, the Law of the Republic of Kazakhstan “On state regulation, control and supervision of the financial market and financial organizations”, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;

20. issues (refuses to issue), re-registers, suspends, deprives a license:

for exchange transactions with cash foreign currency - to legal entities operating exclusively through exchange offices;

for the collection of banknotes, coins and valuables - to legal entities whose exclusive activity is the collection of banknotes, coins and valuables;

for dealer activities in the digital assets market - transactions for the exchange, purchase and (or) sale of unsecured digital assets to operators of the exchange of unsecured digital assets, whose exclusive activity is the implementation of exchange operations with unsecured digital assets;

20-1) during the period of introduction of a state of emergency, in order to ensure economic security and stability of the financial system of the Republic of Kazakhstan, in accordance with the acts of the President of the Republic of Kazakhstan, has the right to introduce a special regulatory regime, providing for the introduction of a special procedure and conditions for the provision of payment services by financial organizations, payment system operators, payment organizations, including regulation of the commissions they apply;

21. excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020); 21-1) excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020);

22. excluded by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (put into effect 01/01/2016); 22-1) excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020);

23. determines the accounting policies and methods for the National Bank of Kazakhstan, taking into account international financial reporting standards;

24. exercises control and supervision over compliance by legal entities operating exclusively through exchange offices on the basis of a license from the National Bank of Kazakhstan for exchange transactions with cash foreign currency, the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting, rules for automation of accounting, as well as the requirements of the legislation of the Republic of Kazakhstan on currency regulation and exchange control;

24-1) within the limits of competence, participates in inspections of the activities of inspected entities conducted by the authorized body for regulation, control and supervision of the financial market and financial organizations;

24-2) exercises control over compliance by legal entities operating exclusively through exchange offices on the basis of a license from the National Bank of Kazakhstan for exchange transactions with cash foreign currency, digital asset service providers, with the exception of digital asset service providers - participants of the Astana International Financial Center, issuers of digital financial assets provided for in subparagraph 1) Article 5 of the Law of the Republic of Kazakhstan “On Digital Assets in the Republic of Kazakhstan”, as well as participants in the special regulatory regime of the National Bank of Kazakhstan operating in the field of digital assets, payment organizations of the requirements of the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction in terms of recording, storing and providing information on transactions with money and (or) other property subject to financial monitoring, due diligence of clients (their representatives) and beneficial owners, suspension and refusal to carry out transactions subject to financial monitoring, protection of documents received in the course of its activities, as well as the organization and implementation of internal control in accordance with the legislation of the Republic of Kazakhstan;

24-3) exercises control and supervision over compliance by payment service providers that are not banks and organizations carrying out certain types of banking operations, payment system operators and payment system operational centers with the requirements of the legislation of the Republic of Kazakhstan on payments and payment systems;

24-4) applies a risk-based approach within the framework of control and supervision of the activities of digital asset service providers, with the exception of digital asset service providers - participants of the Astana International Financial Center;

25. participates in servicing the public debt of the Government of the Republic of Kazakhstan in agreement with it and servicing the public debt of the National Bank of Kazakhstan;

26. establishes and publishes the official exchange rate of the national currency of the Republic of Kazakhstan to foreign currencies in accordance with the procedure determined by the National Bank of Kazakhstan;

27. excluded by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (entered into force upon expiration sixty calendar days after the day of its first official publication).

28. monitors sources of supply and demand, as well as directions for the use of foreign currency in the domestic foreign exchange market;

29. carries out banking activities, professional activities in the securities market and other activities determined by the laws of the Republic of Kazakhstan without obtaining appropriate licenses;

29-1) determines the procedure for opening, maintaining and closing metal accounts by banks and branches of non-resident banks of the Republic of Kazakhstan;

30. excluded by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (put into effect sixty calendar days after the day of its first official publication).

31. carries out trust management of the National Fund of the Republic of Kazakhstan on the basis of a trust management agreement concluded between the National Bank of Kazakhstan and the Government of the Republic of Kazakhstan;

32. carries out trust management of assets of legal entities on the basis of trust management agreements concluded by the National Bank of Kazakhstan with legal entities;

32-1) carries out trust management of pension assets of the unified accumulative pension fund on the basis of a trust management agreement concluded between the National Bank of Kazakhstan and the unified accumulative pension fund;

32-2) provides custodial services in relation to pension assets of the unified pension savings fund;

33. excluded by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (entered into force upon expiration sixty calendar days after the day of its first official publication).

34. participates in training personnel for government bodies and financial organizations of the Republic of Kazakhstan;

35. applies, on issues within its competence, limited enforcement measures to residents and non-residents carrying out foreign exchange transactions and not being financial organizations, payment system operators, payment system operational centers, as well as payment service providers that are not banks, branches of non-resident banks of the Republic of Kazakhstan and organizations carrying out certain types of banking operations, supervisory response measures to legal entities operating exclusively through exchange offices on the basis of a license from the National Bank Kazakhstan for exchange transactions with cash foreign currency, and legal entities whose exclusive activity is the collection of banknotes, coins and valuables, as well as sanctions and other measures provided for by the laws of the Republic of Kazakhstan, and determines the procedure for their application;

35-1) introduces a special regulatory regime in relation to payment organizations and (or) other legal entities that are not financial organizations, in order to carry out activities related to payment services, and regulates their activities within the scope of their competence;

36. carries out the acquisition of goods, works, services in the manner determined by the regulatory legal acts of the National Bank of Kazakhstan;

37. assigns, cancels and determines the use of bank identification codes, assigns and cancels codes of banks and organizations carrying out certain types of banking operations, and codes of branches of banks and organizations carrying out certain types of banking operations, establishes their structure, and also forms and maintains a Directory of banks and organizations carrying out certain types of banking operations;

37-1) excluded by the Law of the Republic of Kazakhstan dated March 13, 2017 No. 53-VI (shall be brought into force ten calendar days after the day of its first official publication);

38. creates consultative and advisory bodies of the National Bank of Kazakhstan;

38-1) excluded by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (put into force into force upon expiration sixty calendar days after the day of its first official publication).

38-2) within the limits of its competence, cooperates with central banks, control and supervisory authorities of other states, international and other organizations and has the right to exchange, in compliance with confidentiality, information constituting a trade secret on the securities market, banking secret, insurance secret or other secret protected by law, necessary for the implementation of control and supervisory functions, on the basis and in accordance with an international treaty of the Republic of Kazakhstan, an agreement providing for the exchange of confidential information.

Other organizations specified in part one of this subclause are understood as associations of central banks, control and supervisory authorities of other states, created for the purpose of developing uniform standards for regulating the activities of the banking sector, the securities market and the insurance market;

38-3) conducts research in the field of monetary policy, financial stability and other areas related to its activities;

38-4) approves mandatory regulatory legal acts for financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan, other individuals and legal entities on the territory of the Republic of Kazakhstan in accordance with this Law and the legislation of the Republic of Kazakhstan;

38-5) carries out state regulation, control and supervision over the activities of unsecured digital asset exchange operators, digital financial asset platform operators, digital asset trading platform operators, organizations for storing the underlying asset of a digital financial asset;

38-6) approves regulatory legal acts mandatory for execution by exchange operators of unsecured digital assets, operators of the digital financial assets platform, operators of the trading platform of digital assets, organizations for storing the underlying asset of a digital financial asset and issuers 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”;

38-7) determines the procedure for conducting transactions for the purchase, sale and (or) exchange of unsecured digital assets by the operator of the exchange of unsecured digital assets;

38-8) carries out accounting registration of operators of the digital financial assets platform, operators of the trading platform of digital assets, payment organizations;

39. exercises other functions and powers provided for by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Footnote. Article 8 as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force after ten calendar days after its first official publication); as amended by the laws of the Republic of Kazakhstan dated June 21, 2013 No. 106-V (shall be brought into force ten calendar days after its first official publication); dated 10.06.2014 No. 206-V (shall be enforced upon the expiration of ten calendar days after the day of its first official publication); dated 04/27/2015 No. 311-V (the order of enforcement see Article 2); dated November 24, 2015 No. 422-V (the order of enforcement see Article 2); dated July 26, 2016 No. 12-VI (shall be enforced thirty calendar days after the day of its first official publication); dated March 13, 2017 No. 53-VI (shall be enforced upon the expiration of ten calendar days after the day of its first official publication); dated 05/24/2018 No. 156-VI (shall be enforced upon the expiration of ten calendar days after the day of its first official publication); dated 07/02/2018 No. 168-VI (for the order of enforcement see Article 2); dated 07/03/2019 No. 262-VI (the order of enforcement see Article 2); dated 01/02/2021 No. 399-VI (takes effect from 01/01/2021); dated 07/01/2022 No. 131-VII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication); dated July 12, 2022 No. 138-VII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication); dated 30.06.2025 No. 205-VIII (shall be introduced into force upon expiration of sixty calendar days after the day of its first official publication); dated 09/19/2025 No. 219-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication); dated January 16, 2026 No. 259-VIII (for the order of enforcement, see Article 2).

Chapter 3. Capital and reserves of the National Bank of Kazakhstan

Footnote. The title of the chapter is as amended by the Law of the Republic of Kazakhstan dated July 16, 1999 N 436.

Article 9. Authorized capital of the National Bank of Kazakhstan

The authorized capital of the National Bank of Kazakhstan belongs to the state and is formed in the amount of at least 20 billion Kazakhstan tenge through deductions from undistributed net income.

The National Bank of Kazakhstan independently exercises, on behalf of the Republic of Kazakhstan, the rights of ownership, use and disposal of the property assigned to it, which is on its balance sheet in the manner determined by the National Bank of Kazakhstan.

Footnote. Article 9 as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated June 29, 1998 N 236; dated July 16, 1999 N 436; dated July 10, 2003 N 483 (effective from January 1, 2004); dated July 8, 2005 N 69; dated July 5, 2006 N 165 (the order of enforcement see Article 2); dated 01.03.2011 No. 414-IV (shall be enforced from the date of its first official publication); dated 30.06.2025 No. 205-VIII (shall be introduced into force upon expiration of sixty calendar days after the day of its first official publication).

Article 10. Reserve capital, revaluation accounts and provisions (reserves) of the National Bank of Kazakhstan

Footnote. Title as amended by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (entered into force 01/01/2016).

The reserve capital of the National Bank of Kazakhstan is formed in an amount not less than the authorized capital, replenished from undistributed net income and is intended exclusively for compensation of losses and compensation for losses on ongoing operations in the manner established by the Board of the National Bank of Kazakhstan. The revaluation account of gold and foreign exchange reserves and other assets in foreign currency is intended to record income from their revaluation. The fixed assets revaluation account is intended to record the results of indexation of fixed assets of the National Bank of Kazakhstan.

At the expense of the National Bank of Kazakhstan's expenses, provisions (reserves) are formed for doubtful and bad claims, including loans, deposits, securities, settlement losses, account balances and other assets, including volumes of construction in progress, other claims for non-monetary activities of the National Bank of Kazakhstan and social payments.

Footnote. Article 10 as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force after ten calendar days after its first official publication); as amended by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (put into effect 01/01/2016).

Article 11. Income of the National Bank of Kazakhstan

The net income of the National Bank of Kazakhstan for a financial year is determined as the difference between actually received income and expenses related to a given financial year.

The undistributed net income of the National Bank of Kazakhstan is the net income of the National Bank of Kazakhstan, with the exception of the amount of exchange rate revaluation attributed to the revaluation accounts of gold and foreign exchange reserves and other assets in foreign currency, adjusted for the amount of revaluation of fixed assets and intangible assets. Undistributed net income is used to increase authorized and (or) reserve capital in the amount established by the Board of the National Bank of Kazakhstan.

After the President of the Republic of Kazakhstan approves the annual report of the National Bank of Kazakhstan, the remaining part of the undistributed net income is transferred to the state budget with a deferment for one financial year.

Note FROM! Part 4 of Article 11 was suspended from 01/01/2023 to 01/01/2030 by the Law of the Republic of Kazakhstan dated 01/16/2026 No. 259-VIII and during the period of suspension this paragraph is valid in the following wording.

If the amount of reserve capital is less than the amount of the authorized capital, then all undistributed net income remains at the disposal of the National Bank of Kazakhstan and is used to replenish the reserve capital until it reaches the amount of the authorized capital.

Footnote. Article 11 as amended by the Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced from January 1, 2004); as amended by the laws of the Republic of Kazakhstan dated 07/08/2005 N 69; dated 07/11/2009 N 185-IV (effective from 08/30/2009); dated 07/05/2012 No. 30-V (shall be enforced ten calendar days after its first official publication).

Chapter 4. Structure and bodies of the National Bank of Kazakhstan.

The procedure for their formation and competence

Footnote. The title of the chapter is as amended by the Law of the Republic of Kazakhstan dated July 16, 1999 N 436.

Article 12. Structure and bodies of the National Bank of Kazakhstan

The National Bank of Kazakhstan is a single centralized structure with a vertical chain of command.

The bodies of the National Bank of Kazakhstan are the Management Board, the Monetary Policy Committee and the Board of Directors.

The structure of the National Bank of Kazakhstan includes the central apparatus, consisting of departments and other divisions, branches, representative offices, departments and organizations of the National Bank of Kazakhstan.

Footnote. Part three is excluded - by Decree of the President of the Republic of Kazakhstan, having the force of Law, dated January 27, 1996 N 2830; as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated July 16, 1999 N 436; dated 07/05/2012 No. 30-V (shall be enforced ten calendar days after its first official publication); dated 01/02/2021 No. 399-VI (takes effect from 01/01/2021); dated 06/30/2025 No. 205-VIII (shall be introduced into force upon expiration of sixty calendar days after the day of its first official publication).

Article 13. Chairman of the National Bank of Kazakhstan

The Chairman of the National Bank of Kazakhstan is appointed by the President of the Republic of Kazakhstan with the consent of the Senate of Parliament for a period of 6 years.

The Chairman acts on behalf of and represents without a power of attorney the National Bank of Kazakhstan in relations with government agencies, banks, financial, international, foreign and other organizations.

The Chairman of the National Bank of Kazakhstan is vested with the authority to make operational and executive-administrative decisions on the activities of the National Bank of Kazakhstan, with the exception of the powers stipulated by this Law for the Board of the National Bank of Kazakhstan, to conclude agreements on behalf of the National Bank of Kazakhstan.

The Chairman of the National Bank of Kazakhstan is responsible for the activities of the National Bank of Kazakhstan.

Footnote. Article 13 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated 04.12.1995 N 2672; dated January 27, 1996 N 2830; Laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated 04/29/2009 N 154-IV (the order of enforcement see Article 2).

Article 14. Deputy Chairmen of the National Bank of Kazakhstan

Deputy Chairmen of the National Bank of Kazakhstan are appointed by the President of the Republic of Kazakhstan on the proposal of the Chairman of the National Bank of Kazakhstan for a period of 6 years, regardless of the terms of appointment of the Chairman of the National Bank of Kazakhstan.

The Deputy Chairmen represent the National Bank of Kazakhstan without a power of attorney and sign documents within their competence.

Article 15. Board of the National Bank of Kazakhstan and its powers

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

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

1. development and implementation of monetary policy;

2. issue of banknotes and coins of the national currency of the Republic of Kazakhstan, cash circulation, including sale, redemption, exchange, replacement, determination of payment and withdrawal of banknotes and coins from circulation, cash transactions and operations for the collection of banknotes, coins and valuables, transportation, storage and collection of banknotes, coins and valuables on the territory of the Republic of 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. establishing the official exchange rate of the national currency of the Republic of Kazakhstan to foreign currencies;

6. carrying out exchange transactions with cash foreign currency in the Republic of Kazakhstan;

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

8. application of limited enforcement measures 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. management of assets 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. helping to ensure the stability of the financial system;

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

13. submission of statistical forms of reports on statistics of the external sector 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 (presentation of financial and other reporting) within the competence established by the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;

15. introduction and cancellation by the National Bank of Kazakhstan of a special regulatory regime, carrying out activities related to digital assets and (or) payment services, within the framework of 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 to them, as well as automation of accounting in financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents 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, exchange operators of unsecured digital assets, as well as accounting registration of payment organizations, digital financial assets platform operators and digital asset trading platform operators in the National Bank of Kazakhstan;

18. establishing requirements for the security and continuity of operation of information systems of banks, branches of non-resident banks of the Republic of Kazakhstan and organizations carrying out certain types of banking operations;

19. opening, maintaining and closing metal accounts by banks, 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. implementation of 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, implementation of investment operations of the National Fund of the Republic of Kazakhstan, as well as the selection of external managers of the National Fund of the Republic of Kazakhstan, pension assets of the unified accumulative pension fund, with the exception of a subsidiary of the National Bank of Kazakhstan, which manages the assets of portfolios of alternative instruments transferred to it for management by the National Bank of Kazakhstan;

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

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

26. acquisition 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 voting shares (stakes in the authorized capital) of which belong to the National Bank of Kazakhstan or are in its trust management, by the authorized body for regulation, control and supervision of the financial market and financial organizations;

27. determining the maximum size of the annual effective interest rate on bank loans and microcredits;

27-1) carrying out the activities of digital financial asset platform operators, digital asset trading platform operators, 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) Article 5 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan", and the procedure their interactions;

27-2) issue, placement, turnover (circulation) and redemption of digital financial assets provided for in subparagraph 1) 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) carrying out the activities of exchange operators of unsecured digital assets;

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

28. 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. determines activities related to monetary;

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, and total staffing of the National Bank of Kazakhstan;

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

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

5. makes a decision 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 creation and participation in the activities of organizations, including those that contribute to the implementation by the National Bank of Kazakhstan of the functions assigned to it and (or) that are part of the financial market infrastructure, as well as on changing their name, on reorganization and liquidation;

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.

Footnote. Article 15 - as amended by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (put into effect the expiration of sixty calendar days after the day of its first official publication); as amended by the Law of the Republic of Kazakhstan dated January 16, 2026 No. 259-VIII (the order of enforcement see Art. 2). Article 16. Composition of the Board of the National Bank of Kazakhstan

The Board of the National Bank of Kazakhstan consists of nine people.

The Board of the National Bank of Kazakhstan includes the Chairman of the National Bank of Kazakhstan and four officials of the National Bank of Kazakhstan, one representative from the President of the Republic of Kazakhstan, two representatives from the Government of the Republic of Kazakhstan and one representative from the authorized body for regulation, control and supervision of the financial market and financial organizations.

Members of the Board of the National Bank of Kazakhstan from the President of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan, the National Bank of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations are appointed and dismissed accordingly by the President of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan, the Chairman of the National Bank of Kazakhstan, the Chairman of the authorized body for regulation, control and supervision of the financial market and financial organizations.

Footnote. Article 16 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated December 5, 1995 N 2672; as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated 07/05/2006 N 165 (the order of enforcement see Article 2); dated 07/05/2012 No. 30-V (shall be enforced upon expiration of ten calendar days after its first official publication); dated 07/03/2019 No. 262-VI (effective from 01/01/2020).

Article 17. Meetings of the Board of the National Bank of Kazakhstan

Meetings of the Board of the National Bank of Kazakhstan are held as necessary in accordance with the work plan approved by the Chairman of the National Bank of Kazakhstan.

Unscheduled meetings of the Board of the Bank of Kazakhstan are held at the request of the Chairman of the National Bank of Kazakhstan or three members of the Board.

Members of the Board of the National Bank of Kazakhstan are promptly notified of the appointment of a meeting of the Board.

Meetings of the Board of the National Bank of Kazakhstan are chaired by the Chairman of the National Bank of Kazakhstan, and in his absence, by the person replacing him.

The Board is authorized to make decisions with the participation of at least two thirds of the members of the Board, including the Chairman of the National Bank of Kazakhstan, or a person replacing him.

The decision of the Management Board is made by a simple majority of votes of the members of the Management Board. In case of equality of votes, the vote of the Chairman of the National Bank of Kazakhstan is decisive.

The Chairman of the National Bank of Kazakhstan, no later than within a week, has the right to return the decision of the Board with his objections for re-discussion and voting. If the Board, by two-thirds of the total number of votes, confirms the previously adopted decision, the Chairman of the National Bank of Kazakhstan signs the decision.

Footnote. Article 17 as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated July 16, 1999 N 436; dated 07/03/2019 No. 262-VI (effective from 01/01/2020).

Article 18. Resignation and dismissal from office

The Chairman of the National Bank of Kazakhstan has the right to resign by submitting his written statement to the President of the Republic of Kazakhstan two months before resigning.

The Chairman of the National Bank of Kazakhstan is dismissed from office by the President of the Republic of Kazakhstan.

Deputy Chairmen are dismissed from office by the President of the Republic of Kazakhstan upon the proposal of the Chairman of the National Bank of Kazakhstan.

Deputy Chairmen may resign by submitting their written statement to the President of the Republic of Kazakhstan through the Chairman of the National Bank of Kazakhstan two months before resigning.

Footnote. Article 18 - as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated December 5, 1995 N 2672.

Article 18-1. Monetary Policy Committee of the National Bank of Kazakhstan and its powers

1. The Monetary Policy Committee of the National Bank of Kazakhstan is the decision-making body on monetary policy issues.

Monetary Policy Committee of the National Bank of Kazakhstan:

1. establishes the base rate;

2. establishes interest rates for basic monetary policy operations;

3. makes decisions on other issues of monetary policy that do not fall within the exclusive competence of the Board of the National Bank of Kazakhstan.

2. The Monetary Policy Committee of the National Bank of Kazakhstan includes the Chairman of the National Bank of Kazakhstan, his deputies in charge of issues of monetary policy, monetary operations, financial stability, heads of structural divisions of the National Bank of Kazakhstan, whose functions include issues of monetary policy, monetary operations, financial stability, as well as other divisions of the National Bank of Kazakhstan by decision of the Chairman of the National Bank of Kazakhstan.

The Monetary Policy Committee of the National Bank of Kazakhstan may include persons who are not employees of the National Bank of Kazakhstan and who meet the requirements approved by the Board of the National Bank of Kazakhstan.

The composition and rules of work of the Monetary Policy Committee of the National Bank of Kazakhstan are approved by the Chairman of the National Bank of Kazakhstan.

3. The meetings of the Monetary Policy Committee of the National Bank of Kazakhstan are chaired by the Chairman of the National Bank of Kazakhstan.

4. The Monetary Policy Committee of the National Bank of Kazakhstan adopts resolutions on issues within its competence.

Footnote. The Law is supplemented by Article 18-1 in accordance with the Law of the Republic of Kazakhstan dated 01/02/2021 No. 399-VI (shall be enforced from 01/01/2021).

Article 19. Board of Directors of the National Bank of Kazakhstan and its powers

The operational management body of the National Bank of Kazakhstan is the Board of Directors of the National Bank of Kazakhstan.

The Board of Directors includes the Chairman of the National Bank of Kazakhstan, his deputies, heads of structural divisions and departments of the National Bank of Kazakhstan. The composition of the Board of Directors of the National Bank of Kazakhstan is approved by the Chairman of the National Bank of Kazakhstan.

The Chairman of the National Bank of Kazakhstan presides over meetings of the Board of Directors. On his instructions, a meeting of the Board of Directors may be chaired by the Deputy Chairman of the National Bank of Kazakhstan.

The Board of Directors, in accordance with this Law, makes decisions on issues within the jurisdiction of the National Bank of Kazakhstan, with the exception of those issues that are within the competence of the Board, the Monetary Policy Committee and the Chairman of the National Bank of Kazakhstan (or his deputies).

The Board of Directors adopts resolutions on issues within its competence.

The Board of Directors determines the procedure for maintaining accounting records and drawing up separate and consolidated financial statements of the National Bank of Kazakhstan, as well as the procedure for maintaining accounting records and drawing up financial statements of the National Fund of the Republic of Kazakhstan.

Footnote. Article 19 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated December 4, 1995 N 2672; laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated July 16, 1999 N 436; dated March 2, 2001 N 162 (see Art. 2); dated July 10, 2003 N 483 (effective from January 1, 2004); dated 07/05/2012 No. 30-V (shall be enforced after ten calendar days after its first official publication); dated 24.11.2015 No. 422-V (entered into effect from 01.01.2016); dated 01/02/2021 No. 399-VI (the order of enforcement see Article 2); dated 06/30/2025 No. 205-VIII (shall be introduced into effect upon the expiration of sixty calendar days after the date of its first official publication).

Article 20. Branches, representative offices, departments and organizations of the National Bank of Kazakhstan

Footnote. The title of Article 20 as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be enforced upon the expiration of ten calendar days after its first official publication).

Branches, representative offices and departments of the National Bank of Kazakhstan carry out their activities within the powers established by the National Bank of Kazakhstan.

Organizations of the National Bank of Kazakhstan are legal entities; they are created and terminate their activities in accordance with legislative acts, taking into account the specifics established by this Law.

The National Bank of Kazakhstan makes decisions on the creation, reorganization and liquidation of its organizations, is their founder and authorized state body, exercising in relation to them the functions of a subject of state property rights, including the powers to regulate their activities and make decisions on changing the legal status of these organizations.

Footnote. Article 20 as amended by the laws of the Republic of Kazakhstan dated January 27, 1996 N 2830; dated 07/11/1997 N 154; dated 01.03.2011 No. 414-IV (shall be enforced from the date of its first official publication); dated 07/05/2012 No. 30-V (shall be enforced upon expiration of ten calendar days after its first official publication).

Chapter 4-1. EMPLOYEES OF THE NATIONAL BANK OF KAZAKHSTAN

AND ITS DEPARTMENTS

Footnote. The Law is supplemented by Chapter 4-1 in accordance with the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be enforced upon the expiration of ten calendar days after its first official publication).

Article 20-1. Composition of positions of employees of the National Bank of Kazakhstan and its departments and regulation of their labor

Employees of the National Bank of Kazakhstan and its departments are persons not related to administrative state and civil servants who hold positions in the National Bank of Kazakhstan and its departments, whose wages are paid from the budget (cost estimates) of the National Bank of Kazakhstan.

The positions of employees of the National Bank of Kazakhstan and its departments include the following positions:

1. political civil servants;

2. employees of the National Bank of Kazakhstan and its departments;

3. technical employees of the National Bank of Kazakhstan and its departments.

Employees of the National Bank of Kazakhstan and its departments are persons who are not civil servants, exercising official powers in the National Bank of Kazakhstan and its departments aimed at implementing the tasks and functions of the state.

Official powers are understood as the rights and responsibilities provided for by a specific public position of employees in the National Bank of Kazakhstan and its departments that meet the goals and objectives facing the National Bank of Kazakhstan.

The list of positions of employees of the National Bank of Kazakhstan and its departments is approved by the President of the Republic of Kazakhstan.

Technical employees of the National Bank of Kazakhstan and its departments are persons not related to civil servants who perform labor duties to maintain and ensure the functioning of the National Bank of Kazakhstan and its departments.

The list of positions of technical employees is approved by the Board of Directors of the National Bank of Kazakhstan.

The labor of employees of the National Bank of Kazakhstan and its departments is regulated by the Labor Code of the Republic of Kazakhstan with the features established by this Law, other regulatory legal acts of the Republic of Kazakhstan, as well as acts of the National Bank of Kazakhstan.

Remuneration for employees of the National Bank of Kazakhstan and its departments is established on the basis of the remuneration system for employees of the National Bank of Kazakhstan, approved by the Board of the National Bank of Kazakhstan in agreement with the President of the Republic of Kazakhstan.

Footnote. Article 20-1 as amended by the laws of the Republic of Kazakhstan dated July 11, 2017 No. 91-VI (shall be brought into force ten calendar days after the day of its first official publication); dated 07/03/2019 No. 262-VI (effective from 01/01/2020).

Article 20-2. Conditions for appointment to positions of employees of the National Bank of Kazakhstan and its departments

Persons applying to occupy the position of an employee of the National Bank of Kazakhstan and its departments must have the education and level of professional training necessary to occupy the corresponding position in the National Bank of Kazakhstan and its departments.

Occupation of the position of an employee of the National Bank of Kazakhstan and its departments is carried out after receiving positive results of a mandatory special inspection.

A person cannot be appointed to the position of an employee of the National Bank of Kazakhstan and its departments:

1. recognized in the manner prescribed by law as incapacitated or partially capable;

2. who, within three years before being appointed to the position of an employee of the National Bank of Kazakhstan and its departments, was brought to disciplinary liability for committing a corruption offense;

3. who has committed a corruption crime;

4. dismissed from work for committing a corruption offense;

5. having a criminal record, which by the time he took up the position of an employee of the National Bank of Kazakhstan and its departments had not been expunged or expunged in the manner prescribed by law;

6. has not received positive results from the mandatory special inspection.

Footnote. Article 20-2 as amended by the laws of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (entered into force 01/01/2016); dated 12/23/2023 No. 51-VIII (shall be enforced ten calendar days after the day of its first official publication).

Article 20-3. Termination of an employment contract with employees of the National Bank of Kazakhstan and its departments

Termination of an employment contract with employees of the National Bank of Kazakhstan and its departments is carried out on the following grounds:

1. provided for by the Labor Code of the Republic of Kazakhstan;

2. reaching the retirement age established by the law of the Republic of Kazakhstan, with the right to annually extend the period of their stay in the National Bank of Kazakhstan and its departments;

3. negative results of a mandatory special test;

4. providing knowingly false information about his income and property;

5. failure to comply with anti-corruption duties and restrictions established by this Law and the Law of the Republic of Kazakhstan “On Combating Corruption”;

6. non-transfer of owned shares of investment funds, bonds and shares of commercial organizations into trust management;

7. submission of knowingly false documents or information upon admission to the National Bank of Kazakhstan and its departments, which could be grounds for refusal to hire;

8. negative certification results;

8-1) transfer to another state body in connection with the transfer of functions, powers and (or) staffing units of the National Bank of Kazakhstan, including during its liquidation (abolition) or reorganization, to another state body;

8-2) refusal to transfer to a state body to which the functions, powers and (or) staff of the National Bank of Kazakhstan have been transferred, including during its liquidation (abolition) or reorganization;

9. other grounds provided for by the laws of the Republic of Kazakhstan.

The state body to which the functions, powers and (or) staff units of the National Bank of Kazakhstan have been transferred, including during its liquidation (abolition) or reorganization, offers positions to employees of the National Bank of Kazakhstan who performed the transferred functions, powers and (or) occupied these staff units, in accordance with their qualifications. In the absence of an equivalent position, with the consent of an employee of the National Bank of Kazakhstan, he may be offered a lower position, provided for by the staffing table of the government body.

When an employment contract is terminated on the basis of a reduction in the number or staff of the National Bank of Kazakhstan, an employee of the National Bank of Kazakhstan holding a reduced position is paid a severance pay in the amount of four average monthly wages if they have at least three years of work experience.

Footnote. Article 20-3 as amended by the laws of the Republic of Kazakhstan dated November 18, 2015 No. 411-V (entered into force 01/01/2016); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 12/23/2023 No. 51-VIII (shall be enforced ten calendar days after the day of its first official publication).

Article 20-4. Rights and obligations of employees of the National Bank of Kazakhstan and its departments

1. Employees of the National Bank of Kazakhstan and its departments have the right:

1. enjoy the rights and freedoms that are guaranteed to citizens of the Republic of Kazakhstan the Constitution and the Labor Code of the Republic of Kazakhstan;

2. participate, within the limits of their powers, in considering issues and making decisions on them, demand their execution by the relevant bodies and officials;

3. receive, in the prescribed manner, information and materials necessary for the performance of official duties;

4. visit 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 non-resident insurance brokers of the Republic of Kazakhstan in the manner established by the laws of the Republic of Kazakhstan to perform official duties;

5. require the manager to accurately define the tasks and scope of official powers in accordance with the position occupied by employees of the National Bank of Kazakhstan and its departments;

6. respect for personal dignity, fair and respectful treatment by managers, other individuals and officials;

7. for training and advanced training at the expense of the budget (cost estimates) of the National Bank of Kazakhstan;

8. freely familiarize themselves with materials that relate to their official powers and, if necessary, give personal explanations;

9. for promotion in position, taking into account qualifications, abilities, conscientious performance of their official powers;

10. demand an official investigation if there are accusations that, in the employee’s opinion, are unfounded;

11. engage in pedagogical, scientific and other creative activities.

2. Employees of the National Bank of Kazakhstan and its departments are obliged to:

1. comply with the Constitution and legislation of the Republic of Kazakhstan;

2. take the oath in the manner determined by the National Bank of Kazakhstan;

3. ensure compliance with and protection of the rights, freedoms and legitimate interests of individuals and legal entities, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan, consider, in the manner and within the time limits established by the legislation of the Republic of Kazakhstan, appeals of these persons, take the necessary measures on them;

4. exercise powers within the limits of the rights granted to them and in accordance with official duties;

5. carry out orders and instructions of managers, decisions and instructions of higher authorities and officials issued within the limits of their powers;

6. keep secret information received during the performance of official duties that affects the personal life, honor and dignity of individuals, and not require them to provide such information, except for cases provided for by the legislation of the Republic of Kazakhstan;

7. ensure the safety of state property;

8. immediately bring to the attention of management or law enforcement agencies about cases of corruption offenses that have become known to them;

9. improve their professional level and qualifications for the effective performance of official duties;

10. not to disclose to third parties official, commercial, banking secrets, insurance secrets, pension savings and other secrets protected by law, as well as other information in any form accessible to perception on any type of media, received in the performance of their official powers, including information obtained when working with automated information subsystems (if there is access to them), except for cases provided for by the laws of the Republic of Kazakhstan;

11. within thirty calendar days from the date of taking up the position of an employee of the National Bank of Kazakhstan or its department, transfer to trust management and submit to the personnel service of the National Bank of Kazakhstan a notarized copy of the trust management agreement for shares of investment funds, bonds and shares of commercial organizations belonging to them.

3. Employees of the National Bank of Kazakhstan and its departments do not have the right to purchase shares of investment funds, bonds, shares of commercial organizations.

4. Employees of the National Bank of Kazakhstan and its departments, in the event of carrying out, by virtue of their official powers, inspections of the activities of the inspected entities on issues within the competence of the National Bank of Kazakhstan, are obliged to immediately report to senior management about all circumstances that may interfere with the clear and impartial performance of official powers, including:

1. close relatives (in-laws), spouses who are senior employees of the inspected entities;

2. close relatives or spouses working in the audited entities;

3. loans received from the inspected entities and other property obligations to the inspected entities.

Footnote. Article 20-4 as amended by the laws of the Republic of Kazakhstan dated June 21, 2013 No. 106-V (shall be enforced upon expiration of ten calendar days after its first official publication); dated November 24, 2015 No. 422-V (the order of enforcement see Article 2); dated July 26, 2016 No. 12-VI (shall be enforced thirty calendar days after the day of its first official publication); dated 05/06/2017 No. 63-VI (shall be enforced upon expiration of twenty-one calendar days after the day of its first official publication); dated 07/02/2018 No. 166-VI (shall be enforced upon the expiration of ten calendar days after the day of its first official publication); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 01/03/2026 No. 251-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication).

Article 20-5. Responsibility of employees of the National Bank of Kazakhstan and its departments

1. For failure to perform and improper performance of assigned duties and labor discipline, employees and technical employees of the National Bank of Kazakhstan and its departments are liable in accordance with the Labor Code of the Republic of Kazakhstan.

2. Excluded by the Law of the Republic of Kazakhstan dated November 18, 2015 No. 411-V (entered into force from 01/01/2016).

3. Disciplinary action:

1. imposed by an official who has the right to appoint and dismiss an employee of the National Bank of Kazakhstan and its departments who is subject to disciplinary liability;

2. cannot be imposed repeatedly for the same offense;

3. is imposed in the manner determined by the act of the National Bank of Kazakhstan.

4. Employees of the National Bank of Kazakhstan and its departments who have committed a disciplinary offense may be temporarily suspended from performing official duties by an official who has the right to appoint him to a position and dismiss him from office, until the issue of liability is resolved in the prescribed manner.

5. Excluded by the Law of the Republic of Kazakhstan dated November 18, 2015 No. 411-V (entered into force from 01/01/2016). 6. Excluded by the Law of the Republic of Kazakhstan dated November 18, 2015 No. 411-V (entered into force from 01/01/2016). 7. Excluded by the Law of the Republic of Kazakhstan dated November 18, 2015 No. 411-V (entered into force from 01/01/2016).

8. Employees and technical employees of the National Bank of Kazakhstan and its departments must be familiar with all materials related to disciplinary action; they are given the right to personally participate in the internal investigation procedure.

9. Actions and decisions of the National Bank of Kazakhstan may be appealed by the employees and technical employees of the National Bank of Kazakhstan and its departments held accountable in the manner established by the laws of the Republic of Kazakhstan.

At the same time, appealing against these actions and decisions of the National Bank of Kazakhstan does not suspend their execution.

10. Employees and technical employees of the National Bank of Kazakhstan and its departments, if they commit criminal and other offenses, bear criminal, administrative, and financial liability, respectively, on the grounds and in the manner established by the laws of the Republic of Kazakhstan.

11. The National Bank of Kazakhstan provides legal protection for its employees, members of the Management Board, including former employees and members of the Management Board, and persons involved by it in the event of filing claims against them in connection with actions (inactions), decision-making in order to implement the functions assigned to the National Bank of Kazakhstan, including during the period of their performance as members of temporary administrations and liquidation commissions of second-tier banks, insurance (reinsurance) organizations.

Footnote. Article 20-5 as amended by the laws of the Republic of Kazakhstan dated 07/03/2014 No. 227-V (enters into force from 01/01/2015); dated 07/04/2014 No. 233-V (takes effect from 01/01/2015); dated November 18, 2015 No. 411-V (effective from January 1, 2016); dated 07/02/2018 No. 168-VI (effective from 01/01/2019); dated 06/29/2020 No. 351-VI (takes effect from 07/01/2021).

Article 20-6. Vacations for employees of the National Bank of Kazakhstan and its departments

1. The Chairman of the National Bank of Kazakhstan, his deputies, as well as other employees of the National Bank of Kazakhstan and its departments are granted paid annual leave of thirty calendar days.

Paid annual leave for employees of the National Bank of Kazakhstan and its departments for the first and subsequent years of work, by agreement of the parties, is provided at any time of the working year.

2. At the request of employees of the National Bank of Kazakhstan and its departments, annual paid leave may be provided to them in parts. In this case, one of the parts of the paid annual leave must be at least two calendar weeks of leave duration.

3. Employees of the National Bank of Kazakhstan and its departments may be granted leave without pay in the manner established by the labor legislation of the Republic of Kazakhstan, including in the case of their training as part of a state order for postgraduate education programs.

Footnote. Chapter 4-1 is supplemented by Article 20-6 in accordance with the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (shall be enforced from 01/01/2020); as amended by the Law of the Republic of Kazakhstan dated December 30, 2021 No. 95-VII (shall be brought into force ten calendar days after the day of its first official publication).

Article 20-7. Guarantees and compensations for employees of the National Bank of Kazakhstan and its departments during business trips

1. Employees of the National Bank of Kazakhstan and its departments are reimbursed expenses for business trips, including to foreign countries, in the manner determined by the National Bank of Kazakhstan.

2. Seconded employees of the National Bank of Kazakhstan and its departments retain their place of work (position) and average salary throughout the business trip.

Footnote. Chapter 4-1 is supplemented by Article 20-7 in accordance with the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (to be enforced from 01/01/2020).

Article 20-8. Secondment of employees of the National Bank of Kazakhstan

1. Employees of the National Bank of Kazakhstan, in order to fulfill the tasks assigned to the National Bank of Kazakhstan, may be seconded to foreign institutions of the Republic of Kazakhstan, international organizations and (or) their representative offices and other organizations in the manner regulated by the legislation of the Republic of Kazakhstan on diplomatic service.

2. Remuneration for seconded employees of the National Bank of Kazakhstan is carried out at the expense of the budget (cost estimate) of the National Bank of Kazakhstan and is determined in the manner and on the terms determined by the Board of the National Bank of Kazakhstan.

3. The conditions of social and medical security, guarantees, conditions for payment of compensation and other payments, including compensation for damage to seconded employees of the National Bank of Kazakhstan and accompanying family members (spouse, minor children, minor adopted children, as well as disabled adult children and (or) parents), are determined by the relevant act of the National Bank of Kazakhstan.

Footnote. Chapter 4-1 is supplemented by Article 20-8 in accordance with the Law of the Republic of Kazakhstan dated December 30, 2021 No. 95-VII (shall be enforced upon the expiration of ten calendar days after the day of its first official publication).

Chapter 5

INTERACTION WITH THE NATIONAL BANK OF KAZAKHSTAN WITH GOVERNMENT BODIES

Article 21. Basic principles of interaction

The National Bank of Kazakhstan, within the powers granted to it by the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan, is independent in its activities. Bodies of representative and executive power do not have the right to interfere in the activities of the National Bank of Kazakhstan, its branches, representative offices, departments and organizations in the implementation of its legally established powers.

Footnote. Article 21 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated December 5, 1995 N 2672; laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated 07/05/2012 No. 30-V (shall be enforced upon expiration of ten calendar days after its first official publication).

Article 22. The Government of the Republic of Kazakhstan and the National Bank of Kazakhstan

The National Bank of Kazakhstan coordinates its activities with the Government of the Republic of Kazakhstan. The National Bank of Kazakhstan and the Government are obliged to inform each other about proposed actions and achieved results that are of national importance, and conduct regular consultations.

The National Bank of Kazakhstan takes into account the economic policy of the Government in its activities and promotes its implementation, if this does not contradict the performance of its main functions and the implementation of monetary policy.

The Chairman of the National Bank of Kazakhstan or one of his deputies has the right to participate in meetings of the Government with the right of an advisory vote.

The Government is not responsible for the obligations of the National Bank of Kazakhstan, just as the National Bank of Kazakhstan is not responsible for the obligations of the Government, except in cases where it assumes such responsibility.

Footnote. Article 22 as amended by the laws of the Republic of Kazakhstan dated 07/08/2005 N 69; dated 07/05/2012 No. 30-V (shall be enforced upon expiration of ten calendar days after its first official publication); dated 07/03/2019 No. 262-VI (effective from 01/01/2020).

Article 23. National Bank of Kazakhstan - bank, financial advisor and agent

The National Bank of Kazakhstan may act as a bank, financial advisor and agent of government authorities by agreement with them.

Footnote. Articles 23-28 - as amended by the Law of the Republic of Kazakhstan dated July 11, 1997 N 154.

Article 24. National Bank of Kazakhstan - bank of the Government of the Republic of Kazakhstan

The National Bank of Kazakhstan houses funds of the Government of the Republic of Kazakhstan. The National Bank of Kazakhstan makes payments, carries out other operations on Government accounts, and also provides it with other services.

Direct financing of the Government of the Republic of Kazakhstan by the National Bank of Kazakhstan is not allowed.

Footnote. Article 24 was amended by the Laws of the Republic of Kazakhstan dated December 8, 1997 N 200; dated July 10, 2003 N 483 (effective from January 1, 2004).

Article 25. National Bank of Kazakhstan - financial advisor to the Government of the Republic of Kazakhstan

The National Bank of Kazakhstan acts as a financial advisor to the Government of the Republic of Kazakhstan in the development and implementation of public borrowing policy, the formation of budgetary policy on issues related to monetary policy.

Footnote. Article 25 as amended by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (put into effect expiration of sixty calendar days after the day of its first official publication).

Article 26. The National Bank of Kazakhstan is an agent of the Government of the Republic of Kazakhstan

The National Bank of Kazakhstan acts as an agent of the Government of the Republic of Kazakhstan on the terms that are agreed upon between the National Bank of Kazakhstan and the Government of the Republic of Kazakhstan.

The National Bank of Kazakhstan, as an agent of the Government of the Republic of Kazakhstan, services government loans of the Government in agreement with it.

Article 27. Transactions with government securities issued by decision of the Government of the Republic of Kazakhstan

The National Bank of Kazakhstan has the right to carry out transactions with government securities issued by decision of the Government of the Republic of Kazakhstan.

The National Bank of Kazakhstan does not have the right to acquire into its ownership government securities of the central authorized body for budget execution when they are placed on the primary market.

The central authorized body for budget execution agrees with the National Bank of Kazakhstan on the conditions for admission of financial organizations to the initial placement of government securities issued by decision of the Government.

Footnote. Article 27 as amended by the laws of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced from January 1, 2004); dated 07/05/2006 N 165 (the order of enforcement see Article 2); dated 07/02/2018 No. 168-VI (shall be enforced upon expiration of ten calendar days from the date of its first official publication).

Article 28. Regulation of circulation of government securities

The National Bank of Kazakhstan regulates the circulation of government securities of the Government of the Republic of Kazakhstan and local executive bodies in agreement with the Central Authorized Body for Budget Execution.

Footnote. Article 28 - as amended by the Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced on January 1, 2004); amended by the Law of the Republic of Kazakhstan dated July 5, 2006 N 165 (the order of enforcement see Article 2).

Chapter 6

MONETARY POLICY

Article 29. Development and implementation of monetary policy

The National Bank of Kazakhstan is the only body that determines and implements monetary policy. Monetary policy is carried out by the National Bank of Kazakhstan in order to ensure price stability.

Monetary policy is carried out by establishing:

base rate of the National Bank of Kazakhstan;

interest rates for main monetary policy operations;

minimum reserve requirements standards;

in exceptional cases, direct quantitative restrictions on the level and volumes of certain types of transactions.

The National Bank of Kazakhstan sets inflation targets for the medium term.

Footnote. Article 29 - as amended by the Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced on January 1, 2004); as amended by the laws of the Republic of Kazakhstan dated 07/08/2005 N 69; dated 01/02/2021 No. 399-VI (the order of enforcement see Article 2); dated 30.06.2025 No. 205-VIII (shall be introduced into effect upon the expiration of sixty calendar days after the date of its first official publication).

Article 30. Types of monetary policy operations

In order to implement monetary policy, the National Bank of Kazakhstan carries out the following types of operations:

1. providing loans of permanent access;

2. accepting deposits;

3. foreign exchange interventions;

4. issue of short-term notes of the National Bank of Kazakhstan;

5. purchase and sale of government and other securities, including with the right of repurchase;

6. excluded by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (put into effect 01/01/2016);

7. other operations by decision of the Board of the National Bank of Kazakhstan.

Footnote. Article 30 as amended by the Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced from January 1, 2004); as amended by the laws of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (put into effect 01/01/2016); dated 07/02/2018 No. 168-VI (shall be enforced upon expiration of ten calendar days from the date of its first official publication).

Article 31. Official refinancing rate

Footnote. Article 31 is excluded by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (entered into force 01/01/2016).

Article 32. Reserve requirements

In order to implement monetary policy, the National Bank of Kazakhstan establishes minimum reserve requirements applicable to:

banks;

branches of non-resident banks of the Republic of Kazakhstan;

Note FROM! Paragraphs four and five of Article 32 are introduced into force from 07/01/2026 by the Law of the Republic of Kazakhstan dated 01/16/2026 No. 259-VIII (text excluded).

The National Bank of Kazakhstan approves the rules on minimum reserve requirements, which determine:

the structure of obligations assumed to calculate the minimum reserve requirements;

the procedure for calculating the minimum reserve requirements, fulfilling the minimum reserve requirements, reserving and monitoring the implementation of the minimum reserve requirements;

Note FROM! Paragraph nine of Article 32 is introduced into force from 07/01/2026 by the Law of the Republic of Kazakhstan dated 01/16/2026 No. 259-VIII (text excluded).

Changes in minimum reserve requirements standards will come into effect no earlier than a month from the date of such decision.

In case of violation of the minimum reserve requirements, the persons specified in part one of this article bear responsibility established by the laws of the Republic of Kazakhstan.

Within ten calendar days from the date of appointment of the chairman of the liquidation commission, the National Bank of Kazakhstan returns to the liquidation commission of the person specified in part one of this article the funds reserved from him.

Footnote. Article 32 - as amended by the Law of the Republic of Kazakhstan dated January 16, 2026 No. 259-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication).

Article 33. Purchase and sale of securities

The purchase and sale of government and other securities are carried out in the manner determined by the National Bank of Kazakhstan within the framework of the general monetary policy.

Footnote. Article 33 - as amended by the Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced from January 1, 2004); as amended by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (entered into force upon expiration sixty calendar days after the day of its first official publication).

Article 34. Base rate of the National Bank of Kazakhstan and interest rates on monetary policy operations

Footnote. Title of Article 34 as amended by the Law of the Republic of Kazakhstan dated 01/02/2021 No. 399-VI (comes into force from 01/01/2021).

The base rate of the National Bank of Kazakhstan is the main instrument of monetary policy and a benchmark for establishing interest rates for monetary policy operations.

Interest rates for monetary policy operations are established by the National Bank of Kazakhstan in order to influence market interest rates in the financial market within the framework of the implemented monetary policy.

Footnote. Article 34 - as amended by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (shall be introduced 01/01/2016); as amended by the Law of the Republic of Kazakhstan dated 01/02/2021 No. 399-VI (takes effect from 01/01/2021); as amended by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (entered into force upon expiration sixty calendar days after the day of its first official publication).

Article 35. Permanent access loans

The National Bank of Kazakhstan provides loans of permanent access in accordance with accepted monetary policy guidelines exclusively secured by highly liquid, risk-free securities and other low-risk assets for a period of no more than thirty calendar days.

Footnote. Article 35 as amended by the Law of the Republic of Kazakhstan dated July 2, 2018 No. 168-VI (shall be brought into force upon the expiration of ten calendar days from the date of its first official publication).

Article 36. Currency interventions

Foreign exchange interventions of the National Bank of Kazakhstan are carried out independently by purchasing and selling foreign currency and conducting other types of foreign exchange transactions on the interbank or exchange market in order to influence the exchange rate of the Kazakhstani tenge.

Foreign exchange interventions of the National Bank of Kazakhstan are carried out within the framework of the general monetary policy.

Footnote. Article 36 as amended by the Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (enters into force on January 1, 2004).      

Article 36-1. Deposits

The procedure, conditions for attracting and repaying, terms and limits for attracting deposits are determined by the National Bank of Kazakhstan.

The National Bank of Kazakhstan has the right to attract deposits in both national and foreign currencies.

Footnote. Supplemented by Article 36-1 - Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced on January 1, 2004).

Article 36-2. Short-term notes of the National Bank of Kazakhstan

Short-term notes of the National Bank of Kazakhstan are government issue-grade securities issued by the National Bank of Kazakhstan, the obligations under which are borne by the National Bank of Kazakhstan.

The procedure and conditions for the issue, placement, circulation and redemption of short-term notes are determined by the National Bank of Kazakhstan.

The National Bank of Kazakhstan, in accordance with the goals of monetary policy, has the right to issue short-term notes in both national and foreign currencies.

Footnote. Supplemented by Article 36-2 - Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (shall be enforced on January 1, 2004); as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force ten calendar days after its first official publication).

Article 36-3. Rediscounting of commercial bills

Footnote. Article 36-3 is excluded by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (entered into force 01/01/2016).

Article 37. Quantitative restrictions on bank operations

Direct quantitative restrictions of the National Bank of Kazakhstan mean maximum interest rates for certain types of operations and transactions, direct restrictions on lending, freezing interest rates, direct regulation of specific types of credit in order to stimulate or restrain the development of certain industries.

The National Bank of Kazakhstan has the right to apply direct quantitative restrictions if it is impossible to stop inflation processes by indirect methods of monetary regulation.

Footnote. Article 37 was amended by the Law of the Republic of Kazakhstan dated July 11, 1997 N 154.

Chapter 7

MONEY CIRCULATION AND MONETARY UNIT

Article 38. Monetary unit

The monetary unit (national currency) of the Republic of Kazakhstan is the Kazakhstani tenge. The Kazakhstani tenge is divided into 100 tiyns.

Banknotes of the Republic of Kazakhstan in circulation consist of banknotes and coins.

The structure of denominations of banknotes and coins is determined by the National Bank of Kazakhstan.

Article 39. Means of payment

Legal tender in the Republic of Kazakhstan, except for cases provided for by legislative acts and regulations of the National Bank of Kazakhstan, is the Kazakhstani tenge.

Footnote. Article 39 - as amended by the Law of the Republic of Kazakhstan dated July 11, 1997 N 154.

Article 40. Issue of banknotes and coins

The issue of banknotes and coins, the organization of their circulation and withdrawal from circulation on the territory of the Republic of Kazakhstan are carried out exclusively by the National Bank of Kazakhstan.

The National Bank of Kazakhstan issues banknotes and coins into circulation through their sale to individuals and legal entities.

Footnote. Article 40 - as amended by the Law of the Republic of Kazakhstan dated July 8, 2005 N 69      

Article 41. Security of monetary unit

Banknotes and coins of the National Bank of Kazakhstan are unconditional obligations of the National Bank of Kazakhstan and are backed by all its assets.

The National Bank of Kazakhstan regularly publishes information in the media about the size of gold and foreign exchange reserves.

Footnote. Article 41 as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated 07/05/2012 No. 30-V (shall be enforced upon expiration of ten calendar days after its first official publication).      

Article 42. Production and characteristics of banknotes and coins

The National Bank of Kazakhstan determines the need for the required number of banknotes and coins, ensures their production, and establishes the procedure for storing, destroying and collecting cash.

Coins are divided into the following types:

investment coins - coins made of precious metals that are an object of investment and accumulation;

collection coins - anniversary, commemorative and other coins of special mintage, made in limited editions from both precious and base metals, which are an object of collecting and accumulation;

circulation coins - coins made of base metals and intended for cash circulation.

Banknotes and coins of the national currency of the Republic of Kazakhstan are developed in accordance with the design concept of banknotes and coins of the national currency - the Kazakhstani tenge. Images and descriptions of banknotes and coins are published in the media.

Footnote. Article 42 as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated 07/08/2005 N 69; dated November 24, 2015 No. 422-V (entered into effect from 01/01/2016).      

Article 43. Requirements for accepting banknotes and coins

Banknotes and coins issued for circulation by the National Bank of Kazakhstan are required to be accepted at their face value throughout the territory of the Republic of Kazakhstan for all types of payments, as well as for crediting to bank accounts and for transfers, and are exchanged without restrictions by all banks, branches of non-resident banks of the Republic of Kazakhstan and the National Postal Operator.

No one other than the National Bank of Kazakhstan can declare invalid banknotes and coins issued by the National Bank of Kazakhstan.

Footnote. Article 43 as amended by the laws of the Republic of Kazakhstan dated July 16, 1999 N 436; dated November 24, 2015 No. 422-V (for the order of enforcement, see Article 2).

Article 43-1. Sale and redemption of banknotes and coins by the National Bank of Kazakhstan, including in special packaging

The sale and repurchase of banknotes and coins by the National Bank of Kazakhstan, including those in special packaging, are carried out in the manner determined by the regulatory legal acts of the National Bank of Kazakhstan.

Footnote. Supplemented by Article 43-1 - Law of the Republic of Kazakhstan dated 07/08/2005 N 69; as amended by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (entered into force upon expiration sixty calendar days after the day of its first official publication).

Article 44. Right to replace the currency

The President of the Republic of Kazakhstan has the right to replace the monetary unit. The President of the Republic of Kazakhstan determines the procedure, terms and conditions for the functioning of the monetary unit of the Republic of Kazakhstan.

Footnote. Article 44 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated 05.12.1995 N 2672. Article 45. Issue into circulation, replacement and withdrawal from circulation of banknotes and coins of the national currency of the Republic of Kazakhstan

The decision to issue into circulation, the procedure for replacing and withdrawing from circulation banknotes and coins of the national currency of the Republic of Kazakhstan are made by the National Bank of Kazakhstan and published in the media.

Footnote. Article 45 as amended by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (shall be introduced 01/01/2016).

Article 46. Old, dubious banknotes and defective (damaged), dubious coins

Old banknotes that have retained at least seventy percent of the banknote sizes established by the National Bank of Kazakhstan, and defective (damaged) coins are exchanged without restrictions by the National Bank of Kazakhstan, banks, branches of non-resident banks of the Republic of Kazakhstan and the National Postal Operator in accordance with the regulatory legal act of the National Bank of Kazakhstan.

Doubtful banknotes that have retained more than fifty percent, and dubious coins are accepted by the National Bank of Kazakhstan, banks, branches of non-resident banks of the Republic of Kazakhstan and the National Postal Operator in accordance with the regulatory legal act of the National Bank of Kazakhstan.

Doubtful banknotes and dubious coins are exchanged by the National Bank of Kazakhstan after determining their payability in the manner prescribed by the regulatory legal act of the National Bank of Kazakhstan.

The National Bank of Kazakhstan is not obliged to compensate for lost or destroyed banknotes and coins.

Footnote. Article 46 as amended by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (for the order of enforcement see Art. 2); as amended by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (entered into force upon expiration sixty calendar days after the day of its first official publication).

Article 47. Responsibility for the production, storage and sale of counterfeit banknotes and coins

Persons guilty of manufacturing, storing counterfeit banknotes and coins for the purpose of sale, selling counterfeit banknotes and coins, as well as carrying out unauthorized issue of cash, bear liability established by the laws of the Republic of Kazakhstan.

Footnote. Article 47 as amended by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (shall be introduced 01/01/2016). Article 47-1. Organization of cash services Footnote. Article 47-1 is excluded by the Law of the Republic of Kazakhstan dated July 11, 2009 No. 185-IV (to be enforced from August 30, 2009).

Article 47-2. Digital tenge

The digital tenge is a digital form of the national currency of the Republic of Kazakhstan and legal tender.

Digital tenge of the National Bank of Kazakhstan are unconditional obligations of the National Bank of Kazakhstan and are secured by all its assets.

The issue, organization of circulation and redemption of digital tenge on the territory of the Republic of Kazakhstan are carried out exclusively by the National Bank of Kazakhstan.

The procedure for circulation of digital tenge and their use is determined by the National Bank of Kazakhstan.

Footnote. Chapter 7 is supplemented by Article 47-2 in accordance with the Law of January 16, 2026 No. 259-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication).

Chapter 8. Organization of payments and money transfers

Footnote. The title of the chapter is as amended by the Law of the Republic of Kazakhstan dated July 16, 1999 No. 436.

Article 48. Powers of the National Bank of Kazakhstan in organizing and regulating payments and (or) money transfers, payment systems and the payment services market

The powers of the National Bank of Kazakhstan in organizing and regulating payments and (or) money transfers, payment systems and the payment services market, exercising state control and supervision over the payment services market and supervision (oversight) of payment systems are determined in accordance with the Law of the Republic of Kazakhstan “On Payments and Payment Systems” and other laws of the Republic of Kazakhstan.

Footnote. Article 48 as amended by the Law of the Republic of Kazakhstan dated July 26, 2016 No. 12-VI (shall be enforced upon expiration of thirty calendar days after the day of its first official publication); as amended by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020). Article 48-1. (Article 48-1 is excluded by the Law of the Republic of Kazakhstan dated July 8, 2005 N 69)

Article 49. Accounts

The National Bank of Kazakhstan establishes the types, legal regime and structure of bank accounts, the procedure and conditions for opening, maintaining and closing accounts.

Footnote. Article 49 as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated 07/11/2009 N 185-IV (effective from 08/30/2009).

Article 50. Methods of making payments and transferring money

Methods for making payments and money transfers used on the territory of the Republic of Kazakhstan are established by legislative acts and normative legal acts of the Republic of Kazakhstan adopted in accordance with them.

Footnote. Article 50 - as amended by the Law of the Republic of Kazakhstan dated July 16, 1999 N 436.

Article 51. (_Article 51 is excluded - by the Law of the Republic of Kazakhstan dated July 11, 1997 N 154_)

Chapter 8-1. Promoting financial system stability

Footnote. The Law is supplemented by Chapter 8-1 in accordance with the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be enforced upon the expiration of ten calendar days after its first official publication).

Article 51-1. Development and implementation of measures to ensure the stability of the financial system

The National Bank of Kazakhstan, independently and (or) jointly with other government bodies, within their competence, develops and implements measures aimed at ensuring the stability of the financial system.

The National Bank of Kazakhstan, the Government of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations interact on issues of stability of the financial system by:

informing each other about proposed actions and achieved results that are of national importance;

joint assessment of risk factors for financial stability;

development, adoption and implementation of a set of agreed decisions in order to minimize systemic risk, prevent the occurrence of a financial crisis and minimize its consequences;

concluding an agreement on financial stability issues.

Interdepartmental coordination on issues of ensuring financial stability is carried out by the Financial Stability Council of the Republic of Kazakhstan, which is a consultative and advisory body under the President of the Republic of Kazakhstan.

Issues related to the adoption of the following measures aimed at ensuring financial stability are subject to preliminary consideration by the Financial Stability Council of the Republic of Kazakhstan:

on measures to implement macroprudential policy aimed at reducing systemic risks of the financial system;

on a set of measures by the National Bank of Kazakhstan, the Government of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations to prevent the occurrence of a financial crisis and minimize its consequences;

Note FROM! Paragraph four of part 4 is amended by the Law of the Republic of Kazakhstan dated January 16, 2026 No. 259-VIII (to come into effect from July 1, 2026).

on measures to resolve an insolvent bank, the forced liquidation of which carries systemic risks of the financial system, including on state participation in its resolution;

The decision to create the Financial Stability Council of the Republic of Kazakhstan, its composition and regulations on it are approved by the President of the Republic of Kazakhstan.

In order to help ensure the stability of the financial system, the National Bank of Kazakhstan:

1. conducts regular monitoring of macroeconomic and macrofinancial factors affecting the stability of the financial system;

2. forms macroprudential policy;

3. provides loans of last resort in the manner and on the terms provided for by this Law and the joint regulatory legal act of the National Bank of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations;

4. acted from 01.01.2016 to 31.12.2016 in accordance with the Law of the Republic of Kazakhstan dated 24.11.2015 No. 422-V.

5. excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020);

6. excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020);

7. carries out transactions with derivative financial instruments with second-tier banks in the manner, on the terms and conditions established by the Board of the National Bank of Kazakhstan.

8. excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020). Footnote. Article 51-1 as amended by the laws of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (for the order of enforcement see Art. 2); dated December 28, 2017 No. 128-VI (shall be enforced upon the expiration of ten calendar days after the day of its first official publication); dated 07/02/2018 No. 168-VI (effective from 01/01/2019); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 16.01.2026 No. 259-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication).

Article 51-2. Macroprudential policy

Footnote. The title of Article 51-2 as amended by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (enters into force from 01/01/2020).

Macroprudential policy refers to a set of measures aimed at reducing systemic risks of the financial system.

Systemic risks of the financial system are understood as risks of disruption in 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. Systemic risks of the financial system also include risks of systemically important financial organizations.

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

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

1. regularly monitors systemic risks of the financial system;

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

2. in agreement 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 government bodies, within their competence, submits for consideration to the Financial Stability Council of the Republic of Kazakhstan measures aimed at ensuring financial stability;

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

Footnote. Article 51-2 as amended by the laws of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (entered into effect from 01/01/2016); dated 07/02/2018 No. 168-VI (shall be enforced upon expiration of ten calendar days from the date of its first official publication); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 30.06.2025 No. 205-VIII (shall be introduced into force upon the expiration of sixty calendar days after the date of its first official publication).

Article 51-3. Loans of last resort

1. Loans of last resort mean loans provided by the National Bank of Kazakhstan to banks experiencing short-term liquidity shortages.

Note FROM! Paragraph one of part 2 is provided for in the wording of the Law of the Republic of Kazakhstan dated January 16, 2026 No. 259-VIII (enters into force from July 1, 2026).

The National Bank of Kazakhstan acts as a lender of last resort only on the following conditions:

Note FROM! Subparagraph 1) is provided for in the wording of the Law of the Republic of Kazakhstan dated January 16, 2026 No. 259-VIII (to come into effect from July 1, 2026).

1. the borrower is a bank - a resident of the Republic of Kazakhstan, not classified as a bank with an unstable financial position that creates a threat to the interests of its depositors and creditors and (or) a threat to the stability of the financial system, or the category of insolvent banks;

1-1) the bank that applied for a loan of last resort, based on information from the authorized body for regulation, control and supervision of the financial market and financial organizations, does not have facts of issuing loans to persons associated with the bank by special relations, including on preferential terms, in violation of Article 50 of the Law of the Republic of Kazakhstan "On banks and banking activities in the Republic of Kazakhstan";

2. the loan is provided on the security of assets, the list of which and the established discounts for them are determined by the National Bank of Kazakhstan.

The value of the assets provided as collateral, taking into account the discount, must cover the size of the loan, taking into account the interest on it in full;

3. the loan is provided in national currency;

4. the interest rate on the loan is set at a level not lower than the base rate of the National Bank of Kazakhstan, taking into account the additional interest established by the National Bank of Kazakhstan;

5. the loan is provided for a period of fourteen to ninety calendar days with the possibility of extension no more than three times. The total term of using the loan, taking into account all extensions, cannot exceed one year. The extension of the loan of last resort is carried out on the conditions specified in this article.

1-1. Until the bank fulfills its obligations under the loan of last resort, the bank has no right to:

1. make investments, issue loans to persons connected with the bank by special relations;

2. accrue and pay dividends to the bank’s shareholders;

3. award remuneration and bonuses to the bank’s executive employees.

2. The National Bank of Kazakhstan has the right to provide loans of last resort to systemically important infrastructure financial organizations.

3. In the event of non-fulfillment (improper fulfillment) by the bank of obligations under a loan of last resort, satisfaction of the requirements of the National Bank of Kazakhstan is carried out out of court by the National Bank of Kazakhstan turning over the pledged assets into its ownership and (or) their sale by the bank in order to satisfy the requirements of the National Bank of Kazakhstan to a third party determined by the National Bank of Kazakhstan in agreement with the authorized body for regulation, control and supervision of the financial market and financial organizations.

The assignment of rights (claims) to assets that are collateral under a loan agreement of last resort does not require:

1. consent of shareholders, debtors of the bank, as well as other interested parties (including pledgors, guarantors, sureties). In this case, the identity of the new creditor is recognized as not having significant significance for the debtor;

2. amendments to agreements concluded by the bank with the bank’s debtors, as well as other persons (including pledgors, guarantors, sureties), in terms of indicating a new party to the agreement.

4. The procedure, conditions for the provision and repayment of loans of last resort, as well as foreclosure on assets that are collateral under a loan agreement of last resort, are determined by the National Bank of Kazakhstan jointly with the authorized body for regulation, control and supervision of the financial market and financial organizations.

Note FROM! Article 51-3 is to be supplemented with paragraph 5 in accordance with the Law of January 16, 2026 No. 259-VIII (to be enforced from July 1, 2026). Footnote. Chapter 8-1 is supplemented by Article 51-3 in accordance with the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (shall be enforced from 01/01/2019); as amended by the laws of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (takes effect from 01/01/2020); dated 01/02/2021 No. 399-VI (takes effect from 01/01/2021); dated 16.01.2026 No. 259-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication).

Chapter 8-2. Special regulatory regime

Footnote. The Law is supplemented by Chapter 8-2 in accordance with the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (shall be enforced upon the expiration of ten calendar days from the date of its first official publication).

Article 51-4. Objectives of the introduction and general conditions for carrying out activities within the framework of a special regulatory regime

1. The special regulatory regime of the National Bank of Kazakhstan is a set of special conditions for carrying out activities related to digital assets and (or) payment services.

2. The special regulatory regime is aimed at achieving the following goals:

1. increasing competition in the payment services market;

2. introduction of new services and development of the financial market to increase the degree of satisfaction and compliance with the interests of consumers, business entities and the state;

3. formation of optimal regulation, control and supervision of the payment services market, ensuring protection of consumer interests.

3. The principles of the special regulatory regime are:

1. ensuring equality of conditions for participation within the framework of a special regulatory regime;

2. compliance by participants with a special regime for regulating the rights and interests of consumers.

4. A special regulatory regime is introduced by a decision of the Board of the National Bank of Kazakhstan, which specifies the types of payment services and (or) activities related to digital assets and (or) payment services, special conditions for their provision (implementation) within the framework of a special regulatory regime, the procedure and conditions for applying the requirements of the legislation of the Republic of Kazakhstan to participants in a special regulatory regime.

The introduction of a special regulatory regime in relation to activities related to digital assets and (or) payment services of payment service providers, provided for in subparagraphs 2) and 3) paragraph 1 of Article 10 of the Law of the Republic of Kazakhstan "On Payments and Payment Systems", is carried out by a decision of the Board of the National Bank of Kazakhstan in agreement with the authorized body for regulation, control and supervision of the financial market and financial organizations.

The total period of the special regulatory regime introduced by the National Bank of Kazakhstan does not exceed five years.

5. The special regulatory regime shall cease to operate after the expiration of the period for which it was introduced.

6. The procedure for introducing and canceling a special regulatory regime, carrying out activities within the framework of a special regulatory regime is approved by a regulatory legal act of the National Bank of Kazakhstan.

Footnote. Article 51-4 as amended by the laws of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (enters into force from 01/01/2020); dated 06/30/2025 No. 205-VIII (shall be introduced into effect upon the expiration of sixty calendar days after the date of its first official publication).

Article 51-5. Carrying out activities under a special regulatory regime

1. Participants in the special regulatory regime may be payment service providers provided for in subparagraphs 2), 3) and 5) paragraph 1 of Article 10 of the Law of the Republic of Kazakhstan “On Payments and Payment Systems”, and (or) other legal entities that are not financial organizations, for the purpose of carrying out activities related to digital assets and (or) payment services (hereinafter referred to as participants in the special regulatory regime).

2. The activities of a participant in a special regulatory regime are carried out in accordance with an agreement on the implementation of activities within the framework of a special regulatory regime, concluded with the National Bank of Kazakhstan.

A standard agreement on the implementation of activities within the framework of a special regulatory regime is approved by the National Bank of Kazakhstan.

A standard agreement on carrying out activities within the framework of a special regulatory regime must contain a condition according to which a participant in a special regulatory regime is obliged to notify consumers of services about the implementation of activities within the framework of a special regulatory regime.

3. The selection criteria and procedure for reviewing documents for concluding an agreement on carrying out activities within the framework of a special regulatory regime are approved by the regulatory legal act of the National Bank of Kazakhstan.

4. The National Bank of Kazakhstan refuses to conclude an agreement for a participant in a special regulatory regime to carry out activities within the framework of a special regulatory regime in cases where the declared type of activity does not comply with the goals of introducing a special regulatory regime, the selection criteria for participants in a special regulatory regime and (or) the submitted documents with the requirements established by the regulatory legal act of the National Bank of Kazakhstan.

5. The agreement on the implementation of activities within the framework of a special regulatory regime is terminated:

1. upon termination of a special regulatory regime due to the expiration of the period for which it was introduced, or its cancellation;

2. upon expiration or early termination of the agreement on the implementation of activities within the framework of a special regulatory regime;

3. in other cases provided for by the civil legislation of the Republic of Kazakhstan or an agreement on the implementation of activities within the framework of a special regulatory regime.

6. The National Bank of Kazakhstan has the right to unilaterally terminate an agreement to carry out activities within the framework of a special regulatory regime if a participant in a special regulatory regime fails to fulfill the obligations stipulated by the agreement, as well as if a participant in a special regulatory regime ceases to comply with the conditions established by the regulatory legal act of the National Bank of Kazakhstan.

The National Bank of Kazakhstan notifies the participant in the special regulatory regime of failure to fulfill obligations determined by the agreement on the implementation of activities within the framework of the special regulatory regime, and the need to eliminate violations within a period of no more than sixty working days from the date of notification.

A participant in the special regulatory regime, within no more than five working days from the date of receipt of the notification from the National Bank of Kazakhstan, develops and submits to the National Bank of Kazakhstan an action plan to eliminate the identified violations and (or) causes, as well as the conditions that contributed to their occurrence. The action plan indicates a list of planned activities, the timing of their implementation, as well as responsible officials.

If the National Bank of Kazakhstan approves the action plan, the participant in the special regulatory regime begins to implement it and submits to the National Bank of Kazakhstan a report on the implementation of the measures within the time limits established by the National Bank of Kazakhstan.

If the National Bank of Kazakhstan does not agree with the action plan, the participant in the special regulatory regime will eliminate the comments of the National Bank of Kazakhstan.

In case of disapproval of the action plan and (or) failure to take measures to eliminate the specified comments by the participant in the special regulatory regime, the National Bank of Kazakhstan notifies the participant in the special regulatory regime of unilateral termination of the agreement to carry out activities within the framework of the special regulatory regime.

7. After the termination of an agreement on carrying out activities within the framework of a special regulatory regime, a person who was previously a participant in a special regulatory regime is obliged to immediately cease activities carried out within the framework of a special regulatory regime, in respect of which a permitting procedure is in force in accordance with the laws of the Republic of Kazakhstan, as well as fulfill obligations to its clients in the manner and within the time limits established by the regulatory legal acts of the National Bank of Kazakhstan.

8. Carrying out activities for which a permitting procedure is in force in accordance with the laws of the Republic of Kazakhstan, after termination of the agreement on the implementation of activities within the framework of a special regulatory regime, is illegal and entails liability established by the laws of the Republic of Kazakhstan.

Footnote. Article 51-5 as amended by the laws of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (shall be enforced from 01/01/2020); dated 06/30/2025 No. 205-VIII (shall be introduced into effect upon the expiration of sixty calendar days after the date of its first official publication).

Chapter 9

OPERATIONS OF THE NATIONAL BANK OF KAZAKHSTAN

Article 52. Owners of bank accounts in the National Bank of Kazakhstan

The owners of bank accounts in the National Bank of Kazakhstan are legal entities that have opened accounts with it in the manner established by the National Bank of Kazakhstan, and banks, branches of non-resident banks of the Republic of Kazakhstan.

Footnote. Article 52 as amended by the Law of the Republic of Kazakhstan dated July 16, 1999. N 436; as amended by the laws of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (takes effect from December 16, 2020); dated 07/02/2018 No. 168-VI (shall be enforced upon expiration of ten calendar days from the date of its first official publication).

Article 52-1. Operations and transactions of the National Bank of Kazakhstan in national currency

The National Bank of Kazakhstan conducts the following operations in national currency:

1. provides loans to organizations entitled to receive such loans in the manner prescribed by the legal acts of the National Bank of Kazakhstan;

2. excluded by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (put into effect 01/01/2016);

3. buys and sells government securities;

4. buys and sells certificates of deposit, debt securities that the National Bank of Kazakhstan considers suitable for securing loans;

5. accepts deposits, makes payments and transfers of money, accepts securities and other valuables for storage and management;

6. carries out transactions with derivative financial instruments in the manner determined by the National Bank of Kazakhstan;

7. if necessary, opens accounts in banks and financial organizations, branches of non-resident banks of the Republic of Kazakhstan on the territory of the Republic of Kazakhstan and abroad;

7-1) places deposits in second-tier banks, including through its subsidiaries, to refinance residential mortgage loans and mortgage loans to individuals in the manner determined by the Board of the National Bank of Kazakhstan;

8. issues checks and bills of exchange;

9. carries out other banking operations, as well as transactions on its own behalf in accordance with its tasks, unless this is expressly prohibited by this Law.

Footnote. The Law is supplemented by Article 52-1 in accordance with the Law of the Republic of Kazakhstan dated July 16, 1999 No. 436; as amended by the laws of the Republic of Kazakhstan dated July 10, 2003 No. 483 (enters into force from January 1, 2004); dated 07/05/2006 No. 165 (the order of enforcement see Article 2); dated November 24, 2015 No. 422-V (the order of enforcement see Article 2); dated 07/02/2018 No. 168-VI (effective from 01/01/2019); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 06/30/2025 No. 205-VIII (shall be introduced into effect upon the expiration of sixty calendar days after the date of its first official publication).

Article 53. Securing loans

Footnote. Article 53 was amended by the Law of the Republic of Kazakhstan dated July 11, 1997 N 154; article excluded - by Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (to come into force on January 1, 2004).

Article 54. Restrictions on operations of the National Bank of Kazakhstan

The National Bank of Kazakhstan does not have the right:

• serve organizations, as well as acquire shares of legal entities, except for cases provided for by this Law;

• engage in trading and other activities, except as permitted by current legislation;

- provide loans without collateral, as well as loans for a period of more than one year, except for cases where the National Bank of Kazakhstan uses money to ensure the completion of settlements for payments and money transfers in payment systems operated by the National Bank of Kazakhstan or its subsidiary;

• prolong granted loans or allow the renewal of bills with expiring terms, except for cases expressly provided for by the laws of the Republic of Kazakhstan.

Footnote. Article 54 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated 05.12.1995 N 2672; supplemented by part two, the last paragraph of part one - as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated January 27, 1996 N 2830; as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 N 154; dated July 16, 1999 N 436; dated 07/02/2018 No. 168-VI (shall be enforced upon expiration of ten calendar days from the date of its first official publication); dated 16.01.2026 No. 259-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication).

Chapter 10

ACTIVITIES OF THE NATIONAL BANK OF KAZAKHSTAN IN THE SPHERE OF FOREIGN ECONOMIC RELATIONS. OPERATIONS WITH CURRENCY VALUES

Footnote. The title of the chapter was amended by the Law of the Republic of Kazakhstan dated July 11, 1997 N 154.

Article 55. Relations between the National Bank of Kazakhstan and banks of other countries

Footnote. The article is excluded by the Law of the Republic of Kazakhstan dated July 10, 2003 N 483 (to come into force on January 1, 2004).

Article 56. Functions of the National Bank of Kazakhstan in the field of currency regulation and currency control

The National Bank of Kazakhstan as a body of currency regulation and currency control:

1. determines the procedure for circulation of currency assets in the Republic of Kazakhstan;

2. determines the procedure for carrying out foreign exchange transactions in the Republic of Kazakhstan, including the procedure for the purchase and sale of foreign currency in the domestic foreign exchange market of the Republic of Kazakhstan;

3. establishes qualification requirements for the activities of carrying out exchange transactions with cash foreign currency exclusively through exchange offices;

4. determines the procedure for licensing legal entities operating exclusively through exchange offices, and issues licenses and (or) annexes to the license for exchange operations with cash foreign currency to such legal entities;

5. determines the procedure for carrying out exchange transactions with cash foreign currency, including the procedure for opening exchange offices and establishing limits for the deviation of purchase rates from the sale rates of cash foreign currency for national currency;

6. determines the procedure for monitoring foreign exchange transactions and providing information on foreign exchange transactions and accounts of residents of the Republic of Kazakhstan in foreign banks, international financial organizations, including the procedure for assigning accounting numbers to foreign exchange contracts for the movement of capital, providing information on foreign exchange transactions carried out and accounts of residents of the Republic of Kazakhstan in foreign banks, international financial organizations and providing information for the purposes of monitoring foreign exchange transactions;

7. together with the authorized body in charge of ensuring the receipt of taxes and other obligatory payments to the budget, determines the procedure for implementing export-import currency control in order to ensure that residents of the Republic of Kazakhstan comply with the repatriation requirement;

7-1) determines the procedure for authorized banks to provide information on sources of demand and supply in the domestic foreign exchange market of the Republic of Kazakhstan and the purposes of using acquired foreign currency, including forms and deadlines for submitting reports;

7-2) determines the procedure for the provision of information by branches (representative offices) of foreign non-financial organizations operating in the Republic of Kazakhstan, including forms and deadlines for submitting reports, as well as types of activities for which branches (representative offices) of foreign non-financial organizations are required to submit reports;

8. issues special permits for conducting foreign exchange transactions as part of measures to protect the balance of payments;

9. determines, in agreement with government bodies in accordance with their competence, the procedure and forms of accounting and reporting on currency transactions, mandatory for execution by residents of the Republic of Kazakhstan and non-residents of the Republic of Kazakhstan in the Republic of Kazakhstan, as well as the procedure and deadlines for submitting reports by currency control agents;

10. in cases of violation by authorized banks, branches of non-resident banks of the Republic of Kazakhstan and other persons of the currency legislation of the Republic of Kazakhstan, applies limited enforcement measures, supervisory response measures and sanctions in accordance with the currency legislation of the Republic of Kazakhstan.

11. requests information, documents and (or) information on the implementation by authorized banks of internal control of foreign exchange transactions in order to combat the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

The National Bank of Kazakhstan has the right to perform other functions in the field of currency regulation and currency control in accordance with this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Footnote. Article 56 as amended by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (shall be enforced from 07/01/2019); as amended by the laws of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (takes effect from December 16, 2020); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 07/12/2023 No. 23-VIII (takes effect from 01/01/2024); dated 04/06/2024 No. 71-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication); dated 30.06.2025 No. 205-VIII (shall be introduced into effect upon the expiration of sixty calendar days after the date of its first official publication); dated 16.01.2026 No. 259-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication).

Article 57. Transactions with assets in foreign currency and precious metals

The National Bank of Kazakhstan carries out the following operations with assets in foreign currency and precious metals:

buys and sells foreign currency;

conducts transactions with securities issued and guaranteed by the Government of the Republic of Kazakhstan in foreign currency, foreign governments or international financial organizations;

opens accounts in banks of the Republic of Kazakhstan, foreign central banks, foreign banks and other financial institutions that have the appropriate right under the laws of the states in which they are registered, as well as in international financial organizations;

opens and maintains accounts, acts as a representative or correspondent for a foreign central bank, foreign banks and other financial institutions entitled to do so under the laws of the states in which they are registered, foreign governments and their agents, as well as international financial organizations;

carries out reception and storage of refined gold and other precious metals;

carries out operations for the purchase, sale, placement for storage and deposit of refined gold and other precious metals in the domestic and foreign markets, including the purchase of refined gold as part of the implementation of the priority right of the state;

in the manner established by the legislation of the Republic of Kazakhstan, imports assets in foreign currency and precious metals into the Republic of Kazakhstan, and also exports them abroad for placement on their accounts in foreign banks and specialized financial organizations;

conducts transactions with securities, the requirements for which are determined by the Board of the National Bank of Kazakhstan;

carries out transactions with money market instruments with counterparties that have a credit rating, the minimum level of which is determined by the Board of the National Bank of Kazakhstan;

carries out transactions with derivative financial instruments in accordance with the procedure determined by the National Bank of Kazakhstan;

opens and maintains metal accounts for clients;

carries out other operations by decision of the Board of the National Bank of Kazakhstan.

The National Bank of Kazakhstan carries out any types of foreign exchange transactions without restrictions.

To achieve the goal and fulfill the tasks provided for by this Law, the National Bank of Kazakhstan carries out activities to manage assets in foreign currency and precious metals, ensuring their safety, liquidity and profitability in the long term, taking into account the risk of investing assets and in accordance with the basic principles of their management.

Footnote. Article 57 as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force after ten calendar days after its first official publication); as amended by the laws of the Republic of Kazakhstan dated June 21, 2013 No. 106-V (shall be brought into force ten calendar days after its first official publication); dated 30.06.2025 No. 205-VIII (shall be introduced into effect upon the expiration of sixty calendar days after the date of its first official publication).

Article 58. Gold and foreign exchange reserves of the National Bank of Kazakhstan

Gold and foreign exchange reserves of the National Bank of Kazakhstan (hereinafter referred to as gold and foreign exchange reserves) are formed for the purpose of ensuring the internal and external stability of the Kazakh tenge from the assets of the National Bank of Kazakhstan, which have high liquidity in international capital markets, and include:

refined gold in bars and gold in metal accounts;

reserve position in the International Monetary Fund and assets in special drawing rights of the International Monetary Fund;

assets in freely convertible foreign currencies, including cash, deposits placed with foreign banks, and securities issued by foreign governments or international financial organizations;

other external assets denominated in freely convertible foreign currencies, with liquidity and the ability to be used without restrictive conditions.

The National Bank of Kazakhstan ensures the maintenance of gold and foreign exchange reserves at the level necessary to ensure the stability and convertibility of the national currency, making payments on the obligations of the Republic of Kazakhstan.

The use of gold and foreign exchange reserves in the form of issuing credits (loans, advances) and providing guarantees or other obligations to residents and non-residents of the Republic of Kazakhstan is not allowed, except in cases provided for by the decision of the Board of the National Bank of Kazakhstan.

The National Bank of Kazakhstan increases and changes the structure of gold and foreign exchange reserves by:

purchases of refined gold for Kazakhstani tenge and foreign currency;

purchases of assets in freely convertible foreign currency for Kazakhstani tenge (including commemorative and souvenir coins) and foreign currency from residents and non-residents of the Republic of Kazakhstan, as well as from the Government of the Republic of Kazakhstan;

receipts in freely convertible foreign currency from commissions and other remuneration from deposit, deposit, dealing transactions with foreign currency and transactions with securities denominated in foreign currency, as well as from loans provided to them in foreign currency;

receipts in gold and freely convertible foreign currency from sales, deposits and other transactions with gold by the National Bank of Kazakhstan, including receipts from transactions with securities of the National Bank of Kazakhstan denominated in refined gold;

receipts in freely convertible foreign currency from the issue by the National Bank of Kazakhstan of issue-grade securities in foreign currency;

transfers of assets in foreign currency and precious metals to gold and foreign exchange reserves in accordance with the basic principles of asset management in foreign currency and precious metals;

proceeds from loans received by the National Bank of Kazakhstan from international financial organizations, central banks of foreign countries and other creditors;

receipts in freely convertible foreign currency from services provided by the National Bank of Kazakhstan, in accordance with this Law and the Regulations on the National Bank of Kazakhstan.

The reduction and change in the structure of gold and foreign exchange reserves is carried out by the National Bank of Kazakhstan by:

sales of freely convertible currency in order to implement monetary policy, including exchange rate policy, and smooth out the imbalance of supply and demand for foreign currency in the domestic foreign exchange market;

repayment and servicing of the external debt of the Republic of Kazakhstan, fulfillment of the obligations of the Government of the Republic of Kazakhstan and the National Bank of Kazakhstan, international obligations of the Republic of Kazakhstan, including international obligations of the National Bank of Kazakhstan, at the expense of the budget and budget (cost estimates) of the National Bank of Kazakhstan;

payment for the import of products (works, services), maintenance of diplomatic and other missions abroad, payment of travel and entertainment expenses;

selling assets in freely convertible foreign currency to purchase other foreign currency;

redemption of issue-grade securities of the National Bank of Kazakhstan;

return of the principal amount and interest on loans received by the National Bank of Kazakhstan, as well as payments of commissions and other related expenses;

transfers of gold and foreign exchange reserves to other assets in foreign currency and precious metals in accordance with the basic principles of asset management in foreign currency and precious metals;

sales of refined gold for Kazakhstani tenge and foreign currency;

payment of expenses associated with the management and storage of assets in foreign currency and precious metals;

write-off of unprofitable gold and foreign exchange reserves.

An increase or decrease in gold and foreign exchange reserves also occurs as a result of changes in the market value of assets included in gold and foreign exchange reserves, and transactions of resident owners of bank accounts in freely convertible currency opened with the National Bank of Kazakhstan.

Footnote. Article 58 as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force after ten calendar days after its first official publication); as amended by the Law of the Republic of Kazakhstan dated June 21, 2013 No. 106-V (shall be brought into force ten calendar days after its first official publication).

Article 59. Priority right of the state to purchase refined gold to replenish assets in precious metals

Footnote. Article 59 is excluded by the Law of the Republic of Kazakhstan dated January 14, 2016 No. 445-V (shall be brought into force twenty-one calendar days after the day of its first official publication).

Article 60. Revaluation account of gold and foreign exchange assets

Footnote. Article 60 is excluded by the Law of the Republic of Kazakhstan dated July 11, 2009 N 185-IV (to be enforced from August 30, 2009).

Chapter 11. ORGANIZATION AND IMPLEMENTATION OF CONTROL AND

SUPERVISION OF THE FINANCIAL MARKET AND FINANCIAL ORGANIZATIONS AND IN THE FIELD OF FINANCIAL LEGISLATION OF THE REPUBLIC OF KAZAKHSTAN

Footnote. Chapter 11 is excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (enters into force from 01/01/2020).

Chapter 12

REPORTING OF THE NATIONAL BANK OF KAZAKHSTAN

Article 65. Financial year

The financial year of the National Bank of Kazakhstan begins on January 1 and ends on December 31 according to calendar calculations.

Article 66. Reporting

The National Bank of Kazakhstan annually submits an annual report to the President of the Republic of Kazakhstan for approval.

The President of the Republic of Kazakhstan reviews the annual report of the National Bank of Kazakhstan and makes a decision on its approval.

Footnote. Article 66 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated December 5, 1995 N 2672; amended by the Laws of the Republic of Kazakhstan dated July 16, 1999 N 436; dated July 10, 2003 N 483 (effective from January 1, 2004); dated July 5, 2006 N 165 (the order of enforcement see Article 2); dated 07/11/2009 N 185-IV (effective from 08/30/2009); dated 07/05/2012 No. 30-V (shall be enforced upon expiration of ten calendar days after its first official publication).

Article 67. Annual report

The annual report of the National Bank of Kazakhstan includes:

• report on monetary policy and the state of the financial market;

• report on the activities of the National Bank of Kazakhstan in the past year;

• annual consolidated financial statements of the National Bank of Kazakhstan.

Footnote. Article 67 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated 05.12.1995 No. 2672; laws of the Republic of Kazakhstan dated July 11, 1997 No. 154; dated July 16, 1999 No. 436; dated 07/10/2003 No. 483 (effective from 01/01/2004); dated 07/08/2005 No. 69.

Article 68. Inspection of the activities of the National Bank of Kazakhstan

By decision of the Board of the National Bank of Kazakhstan, an audit of the financial statements of the National Bank of Kazakhstan is carried out annually by an audit organization that has experience in auditing the central bank of a member state of the Organization for Economic Cooperation and Development (OECD) or the countries of the Commonwealth of Independent States (CIS).

Any information obtained during the audit is considered confidential and the audit organization is responsible for its transfer to third parties.

Inspection of the activities of the National Bank of Kazakhstan and its organizations by any government bodies is carried out only with the consent or on behalf of the President of the Republic of Kazakhstan.

Footnote. Article 68 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated 05.12.1995 No. 2672; Laws of the Republic of Kazakhstan dated July 10, 2003 No. 483 (to be enforced from January 1, 2004); dated 07/08/2005 No. 69; dated 07/11/2009 N 185-IV (effective from 08/30/2009).

Chapter 13

FINAL PROVISIONS

Article 69. Liquidation of the National Bank of Kazakhstan

The National Bank of Kazakhstan may be liquidated by adopting the relevant Law of the Republic of Kazakhstan. In the event of liquidation of the National Bank of Kazakhstan, its property is transferred to the legal successor specified in the relevant Law.

Footnote. Article 69 as amended by the Decree of the President of the Republic of Kazakhstan, having the force of Law, dated 05.12.1995 No. 2672.

Article 69-1. General financial agreement with the participation of the National Bank of Kazakhstan

The parties to the master financial agreement with the participation of the National Bank of Kazakhstan carry out (apply) offset of claims and (or) liquidation netting under the transaction (transactions) within the framework of the master financial agreement in the manner and on the conditions specified in the master financial agreement.

Footnote. Chapter 13 is supplemented by Article 69-1 in accordance with the Law of the Republic of Kazakhstan dated July 12, 2022 No. 138-VII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication).

Article 70. Powers for information interaction

Footnote. The title of Article 70 is as amended by the Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII (put into effect upon expiration of sixty calendar days after the day of its first official publication).

In order to ensure high-quality and timely performance of the functions assigned to the National Bank of Kazakhstan, implementation of the requirements of this Law and other laws of the Republic of Kazakhstan, the National Bank of Kazakhstan has the right to receive free of charge from any individuals and legal entities, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan, as well as government bodies, the necessary information, including information constituting official, commercial, banking and other secret protected by law. In this case, the information received is not subject to disclosure.

The National Bank of Kazakhstan provides the authorized body for regulation, control and supervision of the financial market and financial organizations with administrative data necessary for the implementation of its powers to regulate, control and supervise the financial market and financial organizations, including information and information constituting official, commercial, banking and other secrets protected by law. The transfer of information is carried out, among other things, by ensuring access of the authorized body for regulation, control and supervision of the financial market and financial organizations to the information systems of the National Bank of Kazakhstan.

In order to ensure the completeness and quality of information on the financial market and financial organizations used to provide services to government agencies and financial organizations, the National Bank of Kazakhstan exchanges information with its subsidiaries using information systems owned by them.

State bodies, financial and other organizations, their associations (unions), as well as individuals, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan are obliged to provide, at the request of the National Bank of Kazakhstan, documents, statements, including financial, and, if necessary, other additional information necessary for the National Bank of Kazakhstan to perform its functions.

Footnote. Article 70 - as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force after ten calendar days after its first official publication); as amended by the laws of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (takes effect from December 16, 2020); dated 07/03/2019 No. 262-VI (effective from 01/01/2020); dated 06/30/2025 No. 205-VIII (shall be introduced into effect upon the expiration of sixty calendar days after the date of its first official publication).

Article 70-1. Remuneration for services provided by the National Bank of Kazakhstan

The National Bank of Kazakhstan has the right to provide banking operations and other services on a paid basis. The types and amounts of fees for the services provided by it are determined by the National Bank of Kazakhstan independently.

The National Bank of Kazakhstan does not charge fees for banking and other services provided to the Government of the Republic of Kazakhstan and the central authorized body for budget execution, with the exception of services for managing the National Fund of the Republic of Kazakhstan, other funds and organizations.

The National Bank of Kazakhstan provides public services to individuals and legal entities, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan on a paid basis in cases provided for by regulatory legal acts of the Republic of Kazakhstan. The amount of payment for the public services provided by him is determined by the tax legislation of the Republic of Kazakhstan.

Footnote. Article 70-1 was supplemented by the Law of the Republic of Kazakhstan dated July 11, 1997 N 154; as amended by the Law of the Republic of Kazakhstan dated May 3, 2001 N 182; as amended by the laws of the Republic of Kazakhstan dated July 10, 2003 N 483 (to come into force on January 1, 2004); dated July 5, 2006 N 165 (the order of enforcement see Article 2); dated 07/05/2012 No. 30-V (shall be enforced upon the expiration of ten calendar days after its first official publication); dated 06/21/2013 No. 106-V (shall be enforced ten calendar days after its first official publication); dated 11/24/2015 No. 422-V (effective from 12/16/2020).

Article 71. Limitation periods

The claims of the National Bank of Kazakhstan against borrowers for improper execution of loan agreements are not subject to limitation periods.

Footnote. Article 71 as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force ten calendar days after its first official publication).

Article 72. Responsibility of the National Bank of Kazakhstan

The National Bank of Kazakhstan is responsible for failure to fulfill its obligations in the manner established by the laws of the Republic of Kazakhstan.

Footnote. Article 72 as amended by the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be brought into force after ten calendar days after its first official publication).

Article 73. Conflict of interest

Footnote. Article 73 as amended by the laws of the Republic of Kazakhstan dated July 11, 1997 No. 154; the article was excluded by the Law of the Republic of Kazakhstan dated July 10, 2003 No. 483 (to be enforced from January 1, 2004).

Article 74. Entry into force of this Law

Footnote. The title of the article has been changed by the Law of the Republic of Kazakhstan dated July 11, 1997 No. 154.

This Law comes into force from the date of publication.

     

President Republic of Kazakhstan