National Bank

The National Bank is the central bank of the Republic of Kazakhstan and is responsible for monetary policy, price stability, and the stability of the financial system. The Chair of the National Bank is appointed by the President with the consent of the Kurultai.

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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.

Key facts

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

President of the Republic of Kazakhstan

The President is the head of state, guarantor of the Constitution, and protector of the rights and freedoms of citizens. The President ensures the coordinated functioning of all branches of government and represents Kazakhstan domestically and internationally. The 2026 Constitution preserves the presidential form of government and strengthens checks and balances through broader parliamentary consent in key appointments.

Vice President of the Republic of Kazakhstan

The Vice President is a new constitutional office created to ensure continuity of governance, coordination, and institutional stability. Appointed by the President with the consent of the Kurultai, the Vice President acts on the President's instructions and does not constitute an independently elected political centre.

Kurultai Supreme Representative Body

The Kurultai is the unicameral parliament of the Republic of Kazakhstan. The 2026 Constitution replaces the bicameral structure of the Senate and Mazhilis with a single representative body of 145 deputies elected through a nationwide proportional system. Its constitutional powers are significantly greater than those of the previous parliament.

Government of the Republic of Kazakhstan

The Government is the highest executive body responsible for implementing state policy, managing the economy, social development, and public administration. It is formed by the President and is accountable to both the President and the Kurultai under the new constitutional model.