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.