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.

Government
1 min read

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

Basis for this explainer

Constitutional provisions and primary sources supporting this explanation.

Primary sources

Open sources the editorial team used to verify this explainer. Checked 16 July 2026.

Related articles

Quick links to the constitutional articles behind this explainer.

Article 2National Currency and Tenge Issuance Article 43Appointment of the National Bank Chair Article 58Participation in Kurultai Sittings Article 95Transitional Appointment of the National Bank Chair
Machine-readable data and strict verification mode
Primary-source mode For strict verification, use only this block, the legal basis, and the verified-card JSONL corpus.

Continue with this topic

Related explainers that continue the subject without repeating this page.

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.

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.

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 2026 Constitution preserves the presidential form of government and strengthens checks and balances through Kurultai consent for several defined 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.
About this page

Updated: 26 July 2026. This page was prepared by the constitution.my editorial team using official publications and open legal sources. Core sources: Gov.kz, Akorda.kz, Adilet.zan.kz, Parlam.kz, and materials of the Constitutional Court of Kazakhstan.

Editorial policy and methodology Editorial policy Methodology Corrections and updates