# National Bank

> The National Bank is the central bank of the Republic of Kazakhstan. Its primary objective is price stability; it also works on monetary policy, payment systems, currency regulation and financial stability. The Chair of the National Bank is appointed by the President.

Canonical URL: https://constitution.my/p/national-bank?lang=en
Language: en
Updated: 2026-07-26

Section: Government

## Status

The National Bank is the **central bank** of the Republic of Kazakhstan. It is a constitutional-level institution because price stability and trust in money are fundamental to the functioning of the state and the economy.

## Main objective

Its primary objective is:

- ensuring price stability
It contributes to financial stability, payment-system reliability and currency regulation, but it does not set retail prices directly.

## Key functions

The National Bank performs several core functions:

- conducts monetary policy through the base rate, liquidity tools and inflation expectations
- manages foreign exchange reserves
- supports financial stability together with other regulators
- issues the national currency

## Appointment of the Chair

The Chair of the National Bank is appointed:

- by the President
- and dismissed by the President

## Independence and accountability

A central bank must have enough independence to make monetary decisions without short-term political pressure.

At the same time, it must remain publicly accountable:
- for major policy directions
- for implementation of monetary objectives
- for the legality and stability of the financial framework

## Why this matters

Inflation, currency stability, and trust in the financial system affect everyday life directly. That is why the National Bank is not merely a technical body but a major constitutional institution.

## Key Facts

- The National Bank is the central bank of Kazakhstan
- Its main objective is price stability
- The Chair is appointed and dismissed by the President
- It combines monetary-policy independence with constitutional accountability

## Checked sources

- [Official publication of the 2026 Constitution of the Republic of Kazakhstan](https://adilet.zan.kz/rus/docs/K2600000000) – Adilet Legal Information System (checked 2026-07-16)
- [Information about the National Bank of Kazakhstan](https://nationalbank.kz/ru/page/informaciya-o-nbk) – National Bank of Kazakhstan (checked 2026-07-16)

## Verified claim status

- **The Chair of the National Bank is appointed and dismissed by the President; Kurultai consent is not required for this appointment.**
  - ID: `national-bank-chair-appointment`; status: `clarified`; valid from: `2026-07-01`; articles: 46.5
- **The National Bank affects price stability through monetary policy and inflation expectations, not by directly setting retail prices.**
  - ID: `national-bank-price-stability`; status: `clarified`; valid from: `2026-07-01`; articles: –

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Source: https://constitution.my/p/national-bank?lang=en
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