Status
The National Bank is the central bank of the Republic of Kazakhstan. It is a constitutional-level institution because monetary stability is fundamental to the functioning of the state and the economy.
Main objective
Its primary objective is:
- ensuring price stability
- supporting the stability of the national currency
- maintaining the resilience of the financial system
Key functions
The National Bank performs several core functions:
- conducts monetary policy
- regulates money supply and interest-rate policy
- manages foreign exchange reserves
- oversees parts of the banking and payment system
- issues the national currency
Appointment of the Chair
The Chair of the National Bank is appointed:
- by the President
- with the consent of the Kurultai
This means monetary leadership remains linked to the state leadership structure, while parliamentary consent introduces an institutional filter.
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 constitutionally 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.