Banking system of the Republic of Kazakhstan

The Bank law of the Republic of Kazakhstan. Banking system of the Republic of Kazakhstan

Fundamental principles of taxation.

The Tax law of the Republic of Kazakhstan

Banking activity

The Bank law of the Republic of Kazakhstan. Banking system of the Republic of Kazakhstan

UNIT 7. THE BANK AND TAX LAW OF THE REPUBLIC OF KAZAKHSTAN

Republic of Kazakhstan has two-level baking system.

National Bank is central bank of the state and represents by itself the upper (first) level of banking system.

The tasks, principles of activity, legal status and authorities of the National

Bank shall be determined by the Law of the Republic of Kazakhstan On the National Bank of the Republic of Kazakhstan (March 30, 1995).

The National Bank shall fulfill regulation and supervision on separate issues of banking activity within its competence and promotes creation of general conditions for the functioning of banks and organization, fulfilling separate types of banking operations. Regulating and supervision functions of the National Bank in relation to banks and organization, fulfilling separate types of banking operations are directed to support of stability of money and crediting system of the Republic of Kazakhstan, protection of interests of bank’s creditors, their depositors and clients.

All other banks represent the lower (second) level of banking system except for the Development Bank of Kazakhstan, having special legal status, determined by legislative act of the Republic of Kazakhstan.

Republic of Kazakhstan, international treaties (agreements), concluded by Republic of Kazakhstan and normative legal acts of the authorized body and National Bank, issued on the basis of and for the execution of legislation acts and decrees of the President of the republic of Kazakhstan on issues, related to their competence.

The main goal of the National Bank of Kazakhstan shall be to ensure stability of prices in the Republic of Kazakhstan.

For accomplishment of the main goal, the National Bank of Kazakhstan shall be assigned the tasks hereunder:

1) developing and implementing of the state's monetary policy;

2) supporting functional operation of payment systems;

3) carrying out foreign exchange regulation and foreign exchange control;

4) helping to support the financial system's stability.

The National Bank of Kazakhstan shall publish regulatory legal acts concerning the matters that fall under its authority, on the basis and in execution of the laws of the Republic of Kazakhstan; compliance with such acts shall be mandatory for all banks and organizations carrying out certain types of banking operations, for their customers, and for other legal entities and individuals on the territory of the Republic of Kazakhstan.

The National Bank of Kazakhstan shall be the sole body responsible for determining and implementing state monetary policy of the Republic of Kazakhstan. Monetary policy shall be carried out by the National Bank of Kazakhstan with the purpose of ensuring stability of prices.

Monetary policy shall be carried out through the establishment of:

the official refinancing rate;

the levels of the rates of fees charged for the principal operations of monetary policy;

minimum required reserve standards (reserve requirements);

in exceptional cases, direct quantitative limits on the level and volume of certain kinds of operations.

The Kazakhstani tenge shall be the monetary unit (national currency) of the

Republic of Kazakhstan. The Kazakhstani tenge shall consist of 100 tiyns. The circulating currency of the Republic of Kazakhstan shall consist of banknotes and coins. The National Bank of Kazakhstan shall determine the relative quantities of the denominations of banknotes and coins in circulation.

The Kazakhstani tenge shall be the legal payment instrument in the Republic of Kazakhstan, with the exception of cases provided for by legislative acts and regulatory legal acts of the National Bank of Kazakhstan.

The National Bank of Kazakhstan shall determine the demand for banknotes and coins, it shall provide for their production, and it shall establish the procedure for the storage, destruction, and collection of cash currency.

The National Bank of Kazakhstan shall participate in the regulation and supervision of activities of banks and of financial organizations engaging in certain kinds of banking operations in accordance with this Law and banking legislation of the Republic of Kazakhstan. At application within the limits of its competence of sanctions to the banks and organizations, accomplishing separate types of banking activities the National Bank of Kazakhstan shall inform the authorized body on that.

The regulatory functions of the National Bank of Kazakhstan shall be aimed at maintaining the stability of the monetary system of the Republic of Kazakhstan.

The National Bank of Kazakhstan shall license, control, and supervise financial organizations in accordance with Law and other legislative acts of the Republic of Kazakhstan.

To this end, the National Bank of Kazakhstan shall have the authority:

1) to adopt regulatory legal acts binding on financial organizations and their customers;

2) to specify the conditions and procedure for issuance of banking licenses to financial organizations in cases prescribed by legislative acts of the Republic of Kazakhstan;

2-1) the determine the procedure of banking operations carrying out, as well as the conditions and the procedure of issue of conclusions to the authorized body in cases, provided for by the legislative acts of the Republic of Kazakhstan;

3) to conduct inspections that activities of financial organizations and other persons in respect to matters falling under the authority of the National Bank of Kazakhstan;

4) to obtain information from state bodies, organizations, and citizens needed for its control and supervisory functions in cases foreseen by legislative acts of the Republic of Kazakhstan.

The National Bank of Kazakhstan shall cooperate with central banks and supervisory bodies of other states and shall have the right to exchange information they need to perform their control functions.

Дата добавления: 2014-10-17