Law of the Republic of Kazakhstan No. 2155 of March 30, 1995 'On the National Bank of the Republic of Kazakhstan'

LAW
OF THE REPUBLIC OF KAZAKHSTAN
On the National Bank of the Republic of Kazakhstan

Chapter 1.
GENERAL PROVISIONS

Article 1. Banking System of the Republic of Kazakhstan
The Republic of Kazakhstan has a two-tier banking system.
The National Bank of the Republic of Kazakhstan (National Bank of Kazakhstan) is the central bank of the Republic of Kazakhstan and constitutes the upper (first) level of the banking system of the Republic of Kazakhstan.
The National Bank of Kazakhstan represents, within its competence, the interests of the Republic of Kazakhstan in relations with central banks and banks of other countries, in international banks and other financial and credit organizations.
The National Bank of Kazakhstan, in performing its tasks, must not be guided by the goal of obtaining profit.
The types, legal status, procedure for creation, functioning and liquidation of second-tier banks are determined by the banking and other legislation of the Republic of Kazakhstan.

Article 2. Status and Legal Basis of Activities of the National Bank of Kazakhstan
The National Bank of Kazakhstan is a state body ensuring the development and implementation of the state's monetary and credit policy (hereinafter - monetary and credit policy), the functioning of payment systems, carrying out currency regulation and currency control, contributing to ensuring the stability of the financial system and conducting state statistics, as well as carrying out within its competence state regulation, control and supervision over the financial market, financial organizations and other persons and in the field of financial legislation of the Republic of Kazakhstan. The National Bank of Kazakhstan in its activities is guided by the Constitution of the Republic of Kazakhstan, this Law, other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and international treaties of the Republic of Kazakhstan.

Article 3. Accountability of the National Bank of Kazakhstan
The National Bank of Kazakhstan is accountable to the President of the Republic of Kazakhstan.
Accountability to the President of the Republic of Kazakhstan means:
appointment to office and dismissal from office of the Chairman of the National Bank of Kazakhstan by the President of the Republic of Kazakhstan; appointment to office and dismissal from office by the President of the Republic of Kazakhstan of the Deputy Chairmen of the National Bank of Kazakhstan upon the proposal of the Chairman of the National Bank of Kazakhstan; approval by the President of the Republic of Kazakhstan of the structure and total staff of the National Bank of Kazakhstan; approval by the Board of the National Bank of Kazakhstan of the remuneration system for employees of the National Bank of Kazakhstan in agreement with the President of the Republic of Kazakhstan; approval by the President of the Republic of Kazakhstan of the Regulation on the National Bank of Kazakhstan;

approval by the President of the Republic of Kazakhstan of the annual report of the National Bank of Kazakhstan; approval by the President of the Republic of Kazakhstan of the concept of design of banknotes and coins of the national currency - tenge; submission by the National Bank of Kazakhstan, on issues within its competence, of information requested by the President of the Republic of Kazakhstan.

Article 3-1. Strategic Plan of the National Bank of Kazakhstan
The National Bank of Kazakhstan develops a strategic plan for a five-year period, in which it defines strategic directions, goals and target indicators of the activities of the National Bank of Kazakhstan.
The Strategic Plan is approved by the Chairman of the National Bank of Kazakhstan in agreement with the President of the Republic of Kazakhstan or, by his authorization, by the Head of the Administration of the President of the Republic of Kazakhstan.

Article 4. Normative Legal Acts of the National Bank of Kazakhstan
The National Bank of Kazakhstan, on the basis and in implementation of the laws of the Republic of Kazakhstan on issues within its competence, issues normative legal acts mandatory for compliance by financial organizations, branches of banks - non-residents of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan, other natural and legal persons on the territory of the Republic of Kazakhstan. The list of sub-legal normative legal acts adopted by the National Bank of Kazakhstan in accordance with the laws of the Republic of Kazakhstan on issues within its competence is determined in the Regulation on the National Bank of Kazakhstan.

Article 5. Repealed in accordance with the Law of the RK of 11.06.97 No. 154-1

Article 6. National Bank of Kazakhstan - Legal Entity
The National Bank of Kazakhstan is a legal entity in the organizational and legal form of a republican state institution, has an independent balance sheet and together with its branches, representative offices, departments and republican state enterprises (hereinafter - organizations of the National Bank of Kazakhstan) constitutes a single structure. The National Bank of Kazakhstan acts on behalf of the Republic of Kazakhstan as the founder of joint-stock companies and limited liability companies, participates in the activities of organizations, including those contributing to the implementation by the National Bank of Kazakhstan of its assigned functions and/or being part of the infrastructure of the financial market. The National Bank of Kazakhstan may open its branches and representative offices in the Republic of Kazakhstan and abroad.

Chapter 2
Main Goal, Tasks, Functions and Powers of the National Bank of Kazakhstan.
Principles of this Law

Article 7. Main Goal and Tasks of the National Bank of Kazakhstan
The main goal of the National Bank of Kazakhstan is to ensure price stability in the Republic of Kazakhstan.
To achieve the main goal, the following tasks are assigned to the National Bank of Kazakhstan:

1) development and implementation of monetary and credit policy;
2) ensuring the functioning of payment systems;
3) carrying out currency regulation and currency control;
4) contributing to ensuring the stability of the financial system;
5), 6) repealed in accordance with the Law of the RK of 03.07.19 No. 262-VI
7) carrying out statistical activities in the field of monetary statistics, financial market statistics and external sector statistics;
8) other tasks in accordance with the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Article 7-1. Principles of this Law
This Law is based on the principles of legality of activities, accountability to the President of the Republic of Kazakhstan and independence of the National Bank of Kazakhstan within the limits of powers granted to it by the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Article 8. Functions and Powers of the National Bank of Kazakhstan
The National Bank of Kazakhstan:
1) develops and implements monetary and credit policy;
2) issues state emission securities;
3) is the sole issuer of banknotes and coins of the national currency of the Republic of Kazakhstan and organizes cash circulation on the territory of the Republic of Kazakhstan;
3-1) determines the procedure for replacing banknotes of the national currency of the Republic of Kazakhstan in circulation when their design (form) changes; 3-2) determines the procedure for conducting cash operations with natural and legal persons at the National Bank of Kazakhstan; 3-3) is the sole issuer of digital tenge;
4) participates in ensuring the transportation, storage and collection of banknotes, coins and valuables, creates reserve state funds of banknotes, coins and valuables;
5) carries out control and supervision over compliance with requirements for the arrangement of premises by legal entities carrying out activities exclusively through exchange points based on a license of the National Bank of Kazakhstan for exchange operations with cash foreign currency, and by legal entities whose exclusive activity is the collection of banknotes, coins and valuables;
6) regulates and carries out supervision (oversight) of the interbank money transfer system, the interbank clearing system and other payment systems ensuring the conduct of money transfers between users in tenge;
7) for the purpose of ordering payments and money transfers, establishes in agreement with the Government of the Republic of Kazakhstan the priority of payments from bank accounts, carried out by banks, organizations carrying out certain types of banking operations, branches of banks - non-residents of the Republic of Kazakhstan and subjects of entrepreneurial activity, unless otherwise provided by the laws of the Republic of Kazakhstan;
8) carries out currency regulation and currency control in the Republic of Kazakhstan;
8-1) establishes qualification requirements imposed on legal entities whose exclusive activity is the collection of banknotes, coins and valuables, which include requirements for the organizational and legal form, requirements for founders (participants), including disclosure of the sources of origin of their contributions to the charter capital, requirements for the size and procedure for forming the charter capital, as well as for premises, technical means, equipment and employees of legal entities whose exclusive activity is the collection of banknotes, coins and valuables;

8-2) determines the procedure for organizing security and arrangement of premises of second-tier banks, branches of banks - non-residents of the Republic of Kazakhstan, organizations carrying out certain types of banking operations; 8-3) determines the procedure for carrying out cash operations and operations for the collection of banknotes, coins and valuables, including the organization of automobile collection transportation, in second-tier banks, branches of banks - non-residents of the Republic of Kazakhstan, organizations carrying out certain types of banking operations; 8-4) jointly with other authorized state bodies of the Republic of Kazakhstan carries out regulation of the withdrawal of cash from bank accounts by subjects of entrepreneurship;
9) repealed in accordance with the Law of the RK of 24.05.18 No. 156-VI
10) ensures the management of assets in foreign currency, precious metals and digital assets;
11) implements the state's priority right to acquire refined gold to replenish assets in precious metals;
12) carries out, in cases provided for by the legislation of the Republic of Kazakhstan, control tests of samples (specimens) of precious metals and raw materials containing precious metals;
12-1) carries out storage and testing of precious metals, except for products made from them, and samples (specimens) of raw materials containing precious metals, owned by financial organizations, other persons having the right to carry out export-import operations with precious metals and raw materials containing precious metals; 12-2) in cases provided for by the legislation of the Republic of Kazakhstan, carries out transportation, receipt, accounting, storage of precious metals, precious stones and products made from them, transferred (received) into the ownership of the state on certain grounds;
13) independently and/or jointly with other state bodies of the Republic of Kazakhstan within their competence carries out regulation of systemic risks;
14) provides loans in accordance with the legislation of the Republic of Kazakhstan;
15) repealed in accordance with the Law of the RK of 30.06.25 No. 205-VIII
16) develops statistical methodology, forms and disseminates statistical information on monetary statistics, financial market statistics and external sector statistics (balance of payments, international investment position and external debt);
17) develops statistical forms for external sector statistics, conducts departmental statistical observations in accordance with the statistical work plan, and also within its competence carries out control in the field of state statistics;
18) repealed in accordance with the Law of the RK of 30.06.25 No. 205-VIII
18-1) carries out collection and processing of administrative data (financial and other reporting) on issues of currency regulation and currency control, monetary statistics, cash circulation, payments and payment systems, regulation, control and supervision of the financial market and financial organizations and in the field of financial legislation of the Republic of Kazakhstan and determines the procedure for their submission;
19) carries out within its competence regulation of the financial market and financial organizations, branches of banks - non-residents of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan and other persons, as well as control and supervision over the financial market and financial organizations, branches of banks - non-residents of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan and in the field of financial legislation of the Republic of Kazakhstan in

accordance with this Law, the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations", other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;
20) issues (refuses to issue), reissues, suspends, revokes licenses:
for exchange operations with cash foreign currency - to legal entities carrying out their activities exclusively through exchange points; for collection of banknotes, coins and valuables - to legal entities whose exclusive activity is the collection of banknotes, coins and valuables; for dealer activity in the digital assets market - operations for the exchange, purchase and/or sale of unbacked digital assets to operators of exchange of unbacked digital assets, whose exclusive type of activity is carrying out exchange operations with unbacked digital assets; 20-1) during the period of introduction of a state of emergency, for the purpose of ensuring economic security and stability of the financial system of the Republic of Kazakhstan, in accordance with acts of the President of the Republic of Kazakhstan, has the right to introduce a special regulation regime, providing for the introduction of a special procedure and conditions for providing payment services by financial organizations, payment system operators, payment organizations, including regulation of the commissions applied by them;
21) repealed in accordance with the Law of the RK of 03.07.19 No. 262-VI
21-1) repealed in accordance with the Law of the RK of 03.07.19 No. 262-VI
22) repealed in accordance with the Law of the RK of 24.11.15 No. 422-V
22-1) repealed in accordance with the Law of the RK of 03.07.19 No. 262-VI
23) determines the policy and methods of accounting for the National Bank of Kazakhstan taking into account international financial reporting standards;
24) carries out control and supervision over compliance by legal entities carrying out activities exclusively through exchange points based on a license of the National Bank of Kazakhstan for exchange operations with cash foreign currency, with the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting, rules for automation of accounting, as well as with the requirements of the legislation of the Republic of Kazakhstan on currency regulation and currency control;
24-1) within its competence participates in inspections of the activities of inspected subjects conducted by the authorized body for regulation, control and supervision of the financial market and financial organizations; 24-2) carries out control over compliance by legal entities carrying out activities exclusively through exchange points based on a license of the National Bank of Kazakhstan for exchange operations with cash foreign currency, digital asset service providers, except for digital asset service providers - participants of the International Financial Center "Astana", issuers of digital financial assets provided for in subparagraph 1) of Article 5 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan", as well as participants of the special regulation regime of the National Bank of Kazakhstan carrying out activities in the field of digital assets, payment organizations with the requirements of the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds obtained criminally, financing of terrorism and financing of the proliferation of weapons of mass destruction in part of recording, storing and providing information on operations with money and/or other property subject to financial monitoring, due diligence of clients (their representatives) and beneficial owners, suspension and refusal to conduct operations subject to financial monitoring, protection of documents obtained in the course of their activities, as well as for the organization and implementation of internal control in accordance with the legislation of the Republic of Kazakhstan;

24-3) carries out control and supervision over compliance by payment service providers who are not banks and organizations carrying out certain types of banking operations, payment system operators and operational centers of payment systems with the requirements of the legislation of the Republic of Kazakhstan on payments and payment systems; 24-4) applies a risk-based approach within the framework of control and supervision of the activities of digital asset service providers, except for digital asset service providers - participants of the International Financial Center "Astana";
25) participates in servicing the state debt of the Government of the Republic of Kazakhstan in agreement with it and services the state debt of the National Bank of Kazakhstan;
26) establishes and publishes the official exchange rate of the national currency of the Republic of Kazakhstan to foreign currencies according to the procedure determined by the National Bank of Kazakhstan;
27) repealed in accordance with the Law of the RK of 30.06.25 No. 205-VIII
28) carries out monitoring of sources of demand and supply, as well as directions of use of foreign currency in the domestic currency market;
29) carries out banking activity, professional activity in the securities market and other activities determined by the laws of the Republic of Kazakhstan without obtaining corresponding licenses;
29-1) determines the procedure for opening, maintaining and closing metal accounts by banks, branches of banks - non-residents of the Republic of Kazakhstan;
30) repealed in accordance with the Law of the RK of 30.06.25 No. 205-VIII
31) carries out trust management of the National Fund of the Republic of Kazakhstan on the basis of a trust management agreement concluded between the National Bank of Kazakhstan and the Government of the Republic of Kazakhstan;
32) carries out trust management of assets of legal entities on the basis of trust management agreements concluded by the National Bank of Kazakhstan with legal entities;
32-1) carries out trust management of pension assets of the Unified Accumulative Pension Fund on the basis of a trust management agreement concluded between the National Bank of Kazakhstan and the Unified Accumulative Pension Fund; 32-2) provides custodial services with respect to pension assets of the Unified Accumulative Pension Fund;
33) repealed in accordance with the Law of the RK of 30.06.25 No. 205-VIII
34) participates in the training of personnel for state bodies and financial organizations of the Republic of Kazakhstan;
35) applies, on issues within its competence, limited impact measures to residents and non-residents carrying out currency operations and not being financial organizations, payment system operators, operational centers of payment systems, as well as payment service providers who are not banks, branches of banks - non-residents of the Republic of Kazakhstan and organizations carrying out certain types of banking operations, supervisory response measures to legal entities carrying out activities exclusively through exchange points based on a license of the National Bank of Kazakhstan for exchange operations with cash foreign currency, and legal entities whose exclusive activity is the collection of banknotes, coins and valuables, as well as sanctions and other measures provided for by the laws of the Republic of Kazakhstan, and determines the procedure for their application;
35-1) introduces a special regulation regime with respect to payment organizations and/or other legal entities who are not financial organizations, for the purpose of carrying out activities related to payment services, and regulates their activities within the limits of competence;

36) carries out the acquisition of goods, works, and services in the manner determined by the normative legal acts of the National Bank of Kazakhstan;

37) assigns, annuls, and determines the use of banking identification codes; assigns and annuls codes for banks and organizations carrying out certain types of banking operations, and codes for branches of banks and organizations carrying out certain types of banking operations; establishes their structure; and forms and maintains the Directory of banks and organizations carrying out certain types of banking operations;

37-1) excluded in accordance with Law of the Republic of Kazakhstan dated March 13, 2017 No. 53-VI;

38) creates advisory and consultative bodies of the National Bank of Kazakhstan;

38-1) excluded in accordance with Law of the Republic of Kazakhstan dated June 30, 2025 No. 205-VIII;

38-2) within its competence, cooperates with central banks, control and supervisory authorities of other states, international and other organizations, and has the right to exchange, while maintaining confidentiality, information constituting commercial secrecy in the securities market, banking secrecy, insurance secrecy, or other secrets protected by law, necessary for carrying out control and supervisory functions, on the basis of and in accordance with an international treaty of the Republic of Kazakhstan or an agreement providing for the exchange of confidential information.

Under other organizations referred to in the first part of this sub-item are understood associations of central banks, control and supervisory authorities of other states, created for the purpose of developing unified standards for regulating the activities of the banking sector, securities market, and insurance market;

38-3) conducts research in the field of monetary policy, financial stability, and other areas related to its activities;

38-4) approves normative legal acts mandatory for compliance by financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations, branches of non-resident insurance brokers, and other natural and legal persons on the territory of the Republic of Kazakhstan, in accordance with this Law and the legislation of the Republic of Kazakhstan;

38-5) carries out state regulation, control, and supervision over the activities of operators of exchange of unsecured digital assets, operators of platforms for digital financial assets, operators of trading platforms for digital assets, and organizations for storing the base asset of a digital financial asset;

38-6) approves normative legal acts mandatory for compliance by operators of exchange of unsecured digital assets, operators of platforms for digital financial assets, operators of trading platforms for digital assets, organizations for storing the base asset of a digital financial asset, and issuers of digital financial assets provided for in sub-item 1) of Article 5 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan";

38-7) determines the procedure for conducting operations for the purchase, sale, and/or exchange of unsecured digital assets by operators of exchange of unsecured digital assets;

38-8) carries out accounting registration of operators of platforms for digital financial assets, operators of trading platforms for digital assets, and payment organizations;

39) carries out other functions and powers provided for by this Law, other laws of the Republic of Kazakhstan, and acts of the President of the Republic of Kazakhstan.

Chapter 3
CAPITAL AND RESERVES OF THE NATIONAL BANK OF KAZAKHSTAN

Article 9. Authorized Capital of the National Bank of Kazakhstan

The authorized capital of the National Bank of Kazakhstan belongs to the state and is formed in an amount of not less than 20 billion tenge through allocations from undistributed net income.

The National Bank of Kazakhstan independently exercises, on behalf of the Republic of Kazakhstan, the rights of ownership, use, and disposal of property assigned to it and held on its balance sheet, in the manner determined by the National Bank of Kazakhstan.

Article 10. Reserve Capital, Revaluation Accounts, and Provisions (Reserves) of the National Bank of Kazakhstan

The reserve capital of the National Bank of Kazakhstan is formed in an amount of not less than the authorized capital, is replenished from undistributed net income, and is intended exclusively for compensating losses and reimbursing damages from carried-out operations in the manner established by the Board of the National Bank of Kazakhstan. The revaluation account for gold and foreign exchange reserves and other assets in foreign currency is intended for accounting for income from their revaluation. The revaluation account for fixed assets is intended for accounting for the results of indexing the fixed assets of the National Bank of Kazakhstan.

Provisions (reserves) for doubtful and bad debts, including loans, deposits, securities, losses in settlements, balances on accounts, and other assets, including volumes of unfinished construction, other claims from non-monetary activities of the National Bank of Kazakhstan, and social payments, are formed at the expense of the expenses of the National Bank of Kazakhstan.

Article 11. Income of the National Bank of Kazakhstan

The net income of the National Bank of Kazakhstan for the financial year is determined as the difference between actually received income and expenses relating to that financial year.

Undistributed net income of the National Bank of Kazakhstan is the net income of the National Bank of Kazakhstan, excluding the amount of exchange rate revaluation charged to the revaluation accounts for gold and foreign exchange reserves and other assets in foreign currency, adjusted for amounts of revaluation of fixed assets and intangible assets. Undistributed net income is directed towards increasing the authorized and/or reserve capital in an amount established by the Board of the National Bank of Kazakhstan.

After approval by the President of the Republic of Kazakhstan of the annual report of the National Bank of Kazakhstan, the remaining part of the undistributed net income is transferred to the state budget with a deferral of one financial year.

The action of the fourth part is suspended from January 1, 2023, to January 1, 2030; during the suspension period, this part operates in the edition of Law of the Republic of Kazakhstan dated January 16, 2026 No. 259-VIII.

In the event that the size of the reserve capital is less than the sum of the authorized capital, all undistributed net income remains at the disposal of the National Bank of Kazakhstan and is directed towards replenishing the reserve capital until it reaches the size of the authorized capital. In case of insufficient funds in the reserve capital to reimburse losses of the financial year, uncovered losses are compensated to the National Bank of Kazakhstan in full from the funds of the state budget with a deferral of one financial year.

Chapter 4
STRUCTURE AND BODIES OF THE NATIONAL BANK OF KAZAKHSTAN.
PROCEDURE FOR THEIR FORMATION AND COMPETENCE

Article 12. Structure and Bodies of the National Bank of Kazakhstan

The National Bank of Kazakhstan represents a single centralized structure with a vertical scheme of subordination.

The bodies of the National Bank of Kazakhstan are the Board, the Monetary Policy Committee, and the Board of Directors.

The structure of the National Bank of Kazakhstan includes the central apparatus, consisting of departments and other subdivisions, branches, representative offices, agencies, and organizations of the National Bank of Kazakhstan.

Article 13. Chairman of the National Bank of Kazakhstan

The Chairman of the National Bank of Kazakhstan is appointed by the President of the Republic of Kazakhstan for a term of 6 years.

The Chairman acts on behalf of and represents without a power of attorney the National Bank of Kazakhstan in relations with state bodies, banks, financial, international, foreign, and other organizations.

The Chairman of the National Bank of Kazakhstan is empowered to make operational and executive-administrative decisions on issues of the activities of the National Bank of Kazakhstan, except for powers reserved by this Law for the Board of the National Bank of Kazakhstan, and to conclude contracts on behalf of the National Bank of Kazakhstan.

The Chairman of the National Bank of Kazakhstan is responsible for the activities of the National Bank of Kazakhstan.

Article 14. Deputy Chairmen of the National Bank of Kazakhstan

Deputy Chairmen of the National Bank of Kazakhstan are appointed by the President of the Republic of Kazakhstan upon the submission of the Chairman of the National Bank of Kazakhstan for a term of 6 years, independent of the terms of appointment of the Chairman of the National Bank of Kazakhstan.

Deputy Chairmen represent the National Bank of Kazakhstan without a power of attorney and sign documents within their competence.

Article 15. Board of the National Bank of Kazakhstan and Its Powers

1. The highest body of the National Bank of Kazakhstan is the Board.

2. The Board of the National Bank of Kazakhstan, including in coordination with or jointly with authorized state bodies in accordance with their competence, adopts acts on issues:

1) development and implementation of monetary policy;

2) issuance of banknotes and coins of the national currency of the Republic of Kazakhstan, cash circulation, including sale, buyback, exchange, replacement, determination of acceptability, and withdrawal from circulation of banknotes and coins, carrying out cash operations and operations for collection of banknotes, coins, and valuables, transportation, storage, and collection of banknotes, coins, and valuables on the territory of the Republic of Kazakhstan;

3) organization and functioning of payment systems, regulation of payment systems, regulation of the payment services market, as well as carrying out payments and/or money transfers in the Republic of Kazakhstan;

4) currency regulation and currency control;

5) establishing the official exchange rate of the national currency of the Republic of Kazakhstan against foreign currencies;

6) carrying out exchange operations with cash foreign currency in the Republic of Kazakhstan;

7) organization of security and facility management within competence;

8) application of limited impact measures and supervisory response measures within competence established by this Law, other laws of the Republic of Kazakhstan, and acts of the President of the Republic of Kazakhstan;

9) management of assets in foreign currency, precious metals, and digital assets, as well as their transfer to external management;

10) realization of the state's priority right to acquire refined gold to replenish assets in precious metals;

11) assistance in ensuring the stability of the financial system;

12) removal of cash from bank accounts by business entities;

13) submission of statistical reporting forms on external sector statistics within competence established by laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;

14) collection of administrative data (submission of financial and other reporting) within competence established by laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan;

15) introduction and cancellation by the National Bank of Kazakhstan of a special regulatory regime, carrying out activities related to digital assets and/or payment services within the special regulatory regime;

16) regulation of the accounting system and financial reporting, including standard chart of accounts, financial reporting standards on issues not regulated by international financial reporting standards, methodological recommendations thereto, as well as automation of accounting maintenance in financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations, branches of non-resident insurance brokers, and the Development Bank of Kazakhstan;

17) licensing of activities of legal entities carrying out their activities exclusively through exchange points, legal entities whose exclusive activity is the collection of banknotes, coins, and valuables, operators of exchange of unsecured digital assets, as well as accounting registration of payment organizations, operators of platforms for digital financial assets, and operators of trading platforms for digital assets in the National Bank of Kazakhstan;

18) establishment of requirements for the security and continuity of work of information systems of banks, branches of non-resident banks of the Republic of Kazakhstan, and organizations carrying out certain types of banking operations;

19) opening, maintenance, and closure of metal accounts by banks, branches of non-resident banks of the Republic of Kazakhstan;

20) conducting operations with documentary letters of credit by banks of the Republic of Kazakhstan;

21) banking services provided by the National Bank of Kazakhstan;

22) carrying out dealer and brokerage activities by the National Bank of Kazakhstan;

23) trust management of the National Fund of the Republic of Kazakhstan, pension assets of the Unified Accumulative Pension Fund, and assets of legal entities, carrying out investment operations of the National Fund of the Republic of Kazakhstan, as well as selection of external managers of the National Fund of the Republic of Kazakhstan, pension assets of the Unified Accumulative Pension Fund, except for the subsidiary organization of the National Bank of Kazakhstan that manages portfolios of alternative instruments transferred to it for management by the National Bank of Kazakhstan;

24) carrying out operations with foreign currency in the National Bank of Kazakhstan, converted into state ownership on separate grounds;

25) appointment to positions and termination of employment contracts with employees of the National Bank of Kazakhstan and its agencies;

26) acquisition of goods, works, and services by the National Bank of Kazakhstan, its agencies, organizations included in its structure, and legal entities, fifty or more percent of voting shares (parts of participation in authorized capital) of which belong to the National Bank of Kazakhstan or are under its trust management, by the authorized body for regulation, control, and supervision of the financial market and financial organizations;

27) determination of maximum sizes of annual effective interest rates for remuneration on bank loans and microloans;

27-1) carrying out activities by operators of platforms for digital financial assets, operators of trading platforms for digital assets, organizations for storing the base asset of a digital financial asset, and issuers of digital financial assets regarding digital financial assets provided for in sub-item 1) of Article 5 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan", and the procedure for their interaction;

27-2) issuance, placement, circulation, and redemption of digital financial assets provided for in sub-item 1) of Article 5 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan", their use, and conduct of settlements on transactions with them;

27-3) carrying out activities by operators of exchange of unsecured digital assets;

27-4) submission of reporting by operators of exchange of unsecured digital assets;

28) issues falling within the competence of the National Bank of Kazakhstan, not provided for in this point, in accordance with this Law, other legislation of the Republic of Kazakhstan, and acts of the President of the Republic of Kazakhstan.

3. The Board of the National Bank of Kazakhstan:

1) determines activities related to monetary matters;

2) considers, approves, and submits for approval to the President of the Republic of Kazakhstan the annual report on the work of the National Bank of Kazakhstan, the structure, and total staff count of the National Bank of Kazakhstan;

3) approves the wage system for employees of the National Bank of Kazakhstan, coordinated with the President of the Republic of Kazakhstan, as well as conditions for wage payment and socio-domestic support for employees of the National Bank of Kazakhstan and its agencies;

4) approves the budget (expense estimate) of the National Bank of Kazakhstan;

5) makes a decision on financing the activities of the authorized body for regulation, control, and supervision of the financial market and financial organizations;

6) makes decisions on the creation and participation in the activities of organizations, including those facilitating the implementation of functions imposed on the National Bank of Kazakhstan and/or being part of the infrastructure of the financial market, as well as on changing their names, reorganization, and liquidation;

7) carries out other functions and powers provided for by this Law, other legislation of the Republic of Kazakhstan, and acts of the President of the Republic of Kazakhstan.

Article 16. Composition of the Board of the National Bank of Kazakhstan

The Board of the National Bank of Kazakhstan consists of 9 people.

The composition of the Board of the National Bank of Kazakhstan includes the Chairman of the National Bank of Kazakhstan and four officials of the National Bank of Kazakhstan, one representative from the President of the Republic of Kazakhstan, two representatives from the Government of the Republic of Kazakhstan, and one representative from the authorized body for regulation, control, and supervision of the financial market and financial organizations.

Members of the Board of the National Bank of Kazakhstan from the President of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan, the National Bank of Kazakhstan, and the authorized body for regulation, control, and supervision of the financial market and financial organizations are appointed and dismissed respectively by the President of the Republic of Kazakhstan,

the Government of the Republic of Kazakhstan, the Chairman of the National Bank of Kazakhstan, and the Chairman of the authorized body for regulation, control, and supervision of the financial market and financial organizations.

Article 17. Meetings of the Board of the National Bank of Kazakhstan

Meetings of the Board of the National Bank of Kazakhstan are held as necessary in accordance with the work plan approved by the Chairman of the National Bank of Kazakhstan.

Unscheduled meetings of the Board of the National Bank of Kazakhstan are held upon request of the Chairman of the National Bank of Kazakhstan or three members of the Board.

Members of the Board of the National Bank of Kazakhstan are notified in a timely manner about the scheduling of a Board meeting.

Meetings of the Board of the National Bank of Kazakhstan are chaired by the Chairman of the National Bank of Kazakhstan, and in his absence - by the person substituting him.

The Board is competent to make decisions with the participation of no fewer than two-thirds of the members of the Board, including the Chairman of the National Bank of Kazakhstan, or the person substituting him.

Decisions of the Board are adopted by a simple majority of votes of the members of the Board. In case of a tie, the vote of the Chairman of the National Bank of Kazakhstan is decisive.

The Chairman of the National Bank of Kazakhstan has the right, no later than within a week, to return the decision of the Board with his objections for repeated discussion and voting. If the Board confirms the previously adopted decision by two-thirds of the votes from their total number, the Chairman of the National Bank of Kazakhstan signs the decision.

Article 18. Resignation and Dismissal from Office

The Chairman of the National Bank of Kazakhstan may resign by submitting a written statement to the President of the Republic of Kazakhstan two months before leaving office.

The Chairman of the National Bank of Kazakhstan is dismissed from office by the President of the Republic of Kazakhstan.

Deputy Chairmen are dismissed from office by the President of the Republic of Kazakhstan upon the submission of the Chairman of the National Bank of Kazakhstan.

Deputy Chairmen may resign by submitting a written statement to the President of the Republic of Kazakhstan through the Chairman of the National Bank of Kazakhstan two months before leaving office.

Article 18-1. Monetary Policy Committee of the National Bank of Kazakhstan and Its Powers

1. The Monetary Policy Committee of the National Bank of Kazakhstan is a body making decisions on issues of monetary policy.

The Monetary Policy Committee of the National Bank of Kazakhstan:

1) sets the base rate;

2) sets remuneration rates for main monetary policy operations;

3) makes decisions on other issues of monetary policy not belonging to the exclusive competence of the Board of the National Bank of Kazakhstan.

2. The composition of the Monetary Policy Committee of the National Bank of Kazakhstan includes the Chairman of the National Bank of Kazakhstan, his deputies overseeing issues of monetary policy, monetary operations, and financial stability, heads of structural subdivisions of the National Bank of Kazakhstan, whose functions include issues of monetary policy, monetary operations, and financial stability, and

also other subdivisions of the National Bank of Kazakhstan by decision of the Chairman of the National Bank of Kazakhstan.

Persons who are not employees of the National Bank of Kazakhstan may be included in the Monetary Policy Committee of the National Bank of Kazakhstan, provided they meet the requirements approved by the Board of Directors of the National Bank of Kazakhstan.

The composition and rules of procedure of the Monetary Policy Committee of the National Bank of Kazakhstan are approved by the Chairman of the National Bank of Kazakhstan.

3. The Chairman of the National Bank of Kazakhstan presides over the meetings of the Monetary Policy Committee of the National Bank of Kazakhstan.

4. The Monetary Policy Committee of the National Bank of Kazakhstan adopts resolutions on matters within its competence.

Article 19. Board of Directors of the National Bank of Kazakhstan and its Powers

The body of operational management of the National Bank of Kazakhstan is the Board of Directors of the National Bank of Kazakhstan.

The Board of Directors includes the Chairman of the National Bank of Kazakhstan, his deputies, heads of structural subdivisions and agencies of the National Bank of Kazakhstan. The composition of the Board of Directors of the National Bank of Kazakhstan is approved by the Chairman of the National Bank of Kazakhstan.

The Chairman of the National Bank of Kazakhstan presides over the meetings of the Board of Directors. By his instruction, a meeting of the Board of Directors may be chaired by the Deputy Chairman of the National Bank of Kazakhstan.

The Board of Directors, in accordance with this Law, adopts decisions on matters within the competence of the National Bank of Kazakhstan, except for those matters that fall within the competence of the Board of Directors, the Monetary Policy Committee, and the Chairman of the National Bank of Kazakhstan (or his deputies).

The Board of Directors adopts resolutions on matters within its competence.

The Board of Directors determines the procedure for maintaining accounting records and preparing separate and consolidated financial statements of the National Bank of Kazakhstan, as well as the procedure for maintaining accounting records and preparing financial statements of the National Fund of the Republic of Kazakhstan.

Article 20. Branches, Representative Offices, Agencies, and Organizations of the National Bank of Kazakhstan

Branches, representative offices, and agencies of the National Bank of Kazakhstan carry out their activities within the powers established by the National Bank of Kazakhstan.

Organizations of the National Bank of Kazakhstan are legal entities created and cease their activities in accordance with the laws of the Republic of Kazakhstan, taking into account the features established by this Law.

The National Bank of Kazakhstan makes a decision on the creation, reorganization, and liquidation of its organizations, is their founder and authorized state body exercising functions of the subject of the right of state ownership with respect to them, including powers to regulate their activities and make decisions on changing the legal status of the named organizations.

Chapter 4-1. EMPLOYEES OF THE NATIONAL BANK OF KAZAKHSTAN AND ITS AGENCIES

Article 20-1. Composition of Positions of Employees of the National Bank of Kazakhstan and Its Agencies and Regulation of Their Labor

Employees of the National Bank of Kazakhstan and its agencies are persons who are not administrative state and civil servants, holding positions in the National Bank of Kazakhstan and its agencies, whose remuneration is paid from the budget funds (expense estimate) of the National Bank of Kazakhstan.

The composition of positions of employees of the National Bank of Kazakhstan and its agencies includes positions:
1) of political state servants;
2) of servants of the National Bank of Kazakhstan and its agencies;
3) of technical servants of the National Bank of Kazakhstan and its agencies.

The Law of the Republic of Kazakhstan "On the State Service of the Republic of Kazakhstan" applies to political state servants with the features provided for by this Law.

Servants of the National Bank of Kazakhstan and its agencies are persons who are not state servants, exercising official powers in the National Bank of Kazakhstan and its agencies, aimed at implementing the tasks and functions of the state.

Official powers are understood as the rights and duties provided for by a specific state position of servants in the National Bank of Kazakhstan and its agencies, corresponding to the goals and tasks facing the National Bank of Kazakhstan.

The list of positions of servants of the National Bank of Kazakhstan and its agencies is approved by the President of the Republic of Kazakhstan.

Technical servants of the National Bank of Kazakhstan and its agencies are persons who are not civil servants, performing labor duties for the maintenance and ensuring the functioning of the National Bank of Kazakhstan and its agencies.

The list of positions of technical servants is approved by the Board of Directors of the National Bank of Kazakhstan.

The labor of employees of the National Bank of Kazakhstan and its agencies is regulated by the Labor Code of the Republic of Kazakhstan with the features established by this Law, other normative legal acts of the Republic of Kazakhstan, as well as acts of the National Bank of Kazakhstan.

Remuneration of employees of the National Bank of Kazakhstan and its agencies is established on the basis of the remuneration system of employees of the National Bank of Kazakhstan, approved by the Board of Directors of the National Bank of Kazakhstan in agreement with the President of the Republic of Kazakhstan.

Article 20-2. Conditions for Appointment to Positions of Servants of the National Bank of Kazakhstan and Its Agencies

Persons applying for a position of servant of the National Bank of Kazakhstan and its agencies must have the education and level of professional training necessary for holding the corresponding position in the National Bank of Kazakhstan and its agencies.

Holding a position of servant of the National Bank of Kazakhstan and its agencies is carried out after receiving positive results of the mandatory special check.

A person may not be appointed to a position of servant of the National Bank of Kazakhstan and its agencies:
1) declared by the court incompetent or partially competent;
2) against whom an administrative penalty was imposed within three years prior to appointment to the position for committing an administrative corruption offense, except in the case where they were first held administratively liable for accepting for employment a person who did not submit a declaration of assets and liabilities;
3) who committed a corruption crime;
4) excluded in accordance with the Law of the RK of 12.06.26 No. 311-VIII
5) having a criminal record that has not been expunged or removed in the manner established by law at the time of holding the position of servant of the National Bank of Kazakhstan and its agencies;
6) who did not receive positive results of the mandatory special check.

Article 20-3. Termination of the Employment Contract with Servants of the National Bank of Kazakhstan and Its Agencies

Termination of the employment contract with servants of the National Bank of Kazakhstan and its agencies is carried out on the following grounds:
1) provided for by the Labor Code of the Republic of Kazakhstan;
2) reaching the retirement age established by the law of the Republic of Kazakhstan, with the right to annually extend the term of their stay in the National Bank of Kazakhstan and its agencies;
3) negative results of the mandatory special check;
4) submission of knowingly false information about his income and property;
5) failure to accept anti-corruption restrictions established by the Law of the Republic of Kazakhstan "On Combating Corruption";
6) failure to transfer to trust management shares of investment funds, bonds, and shares of commercial organizations owned by them;
7) submission upon entry into the National Bank of Kazakhstan and its agencies of knowingly false documents or information that could have been grounds for refusal to accept for employment;
8) negative results of attestation;
8-1) transfer to another state body in connection with the transfer of functions, powers, and/or staff units of the National Bank of Kazakhstan, including upon its liquidation (abolition) or reorganization, to another state body; 8-2) refusal to transfer to the state body to which the functions, powers, and/or staff units of the National Bank of Kazakhstan, including upon its liquidation (abolition) or reorganization, were transferred;
9) other grounds provided for by the laws of the Republic of Kazakhstan.

The state body to which the functions, powers, and/or staff units of the National Bank of Kazakhstan, including upon its liquidation (abolition) or reorganization, were transferred, offers positions to servants of the National Bank of Kazakhstan who performed the transferred functions, powers, and/or held those staff units, in accordance with their qualifications. In the absence of an equivalent position, with the consent of the servant of the National Bank of Kazakhstan, a lower position provided for in the staffing table of the state body may be offered to him.

Upon termination of the employment contract on the grounds of reduction in the number or staff of employees of the National Bank of Kazakhstan, a severance payment in the amount of four average monthly salaries is made to the servant of the National Bank of Kazakhstan holding the reduced position, provided he has a work experience of at least three years.

Article 20-4. Rights and Duties of Servants of the National Bank of Kazakhstan and Its Agencies

1. Servants of the National Bank of Kazakhstan and its agencies have the right:
   1) to enjoy the rights and freedoms guaranteed to citizens of the Republic of Kazakhstan by the Constitution and the Labor Code of the Republic of Kazakhstan;
   2) to participate within their powers in the consideration of issues and adoption of decisions on them, to demand their execution by the relevant bodies and officials;
   3) to receive in the established order information and materials necessary for the performance of official duties;
   4) to visit organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations, branches of non-resident insurance brokers in the order established by the laws of the Republic of Kazakhstan for the performance of official duties;
   5) to demand from the supervisor a precise definition of tasks and volume of official powers in accordance with the position held by servants of the National Bank of Kazakhstan and its agencies;
   6) to respect for personal dignity, fair and respectful treatment from supervisors, other physical and official persons;
   7) to training and professional development at the expense of the budget funds (expense estimate) of the National Bank of Kazakhstan;
   8) to unrestricted access to materials concerning their official powers and, if necessary, to give personal explanations;
   9) to promotion in position taking into account qualifications, abilities, and conscientious performance of their official powers;
   10) to demand a service investigation in the presence of unfounded, in the opinion of the servant, accusations;
   11) to engage in teaching, scientific, and creative activities.

2. Servants of the National Bank of Kazakhstan and its agencies are obliged:
   1) to observe the Constitution and legislation of the Republic of Kazakhstan;
   2) to take an oath in the manner determined by the National Bank of Kazakhstan;
   3) to ensure the observance and protection of the rights, freedoms, and legitimate interests of physical and legal persons, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations, branches of non-resident insurance brokers, to consider appeals of the said persons in the order and time limits established by the legislation of the Republic of Kazakhstan, and to take necessary measures on them;
   4) to exercise powers within the limits of the rights provided to them and in accordance with official duties;
   5) to execute orders and directives of supervisors, decisions and instructions of higher bodies and officials issued within their powers;
   6) to keep secret the information obtained in the performance of official duties concerning the private life, honor, and dignity of physical persons, and not to demand from them the provision of such information, except in cases provided for by the legislation of the Republic of Kazakhstan;
   7) to ensure the preservation of state property;
   8) to immediately bring to the attention of the management and/or authorized state bodies cases of prepared, committed, or committed corruption offenses that have become known to them;
   9) to improve their professional level and qualifications for the effective performance of official powers;
   10) not to disclose to third parties official, commercial, banking, insurance, pension savings, and other secrets protected by law, as well as other information in any perceivable form on any types of carriers, obtained in the performance of their official duties, including information obtained when working with automated information subsystems (if there is access to them), except in cases provided for by the laws of the Republic of Kazakhstan;
   11) within thirty calendar days from the date of taking the position of servant of the National Bank of Kazakhstan or its agency, transfer to trust management and submit to the personnel service of the National Bank of Kazakhstan a notarially certified copy of the trust management agreement for shares of investment funds, bonds, and shares of commercial organizations owned by them.

3. Servants of the National Bank of Kazakhstan and its agencies are not entitled to acquire shares of investment funds, bonds, shares of commercial organizations.

4. Servants of the National Bank of Kazakhstan and its agencies, in the event of carrying out inspections of the activities of the inspected subjects on matters within the competence of the National Bank of Kazakhstan by virtue of their official powers, are obliged to immediately report to higher management about all circumstances that may hinder the clear and impartial performance of official duties, including about:
   1) close relatives (relatives by marriage), spouses who are managerial employees of the inspected subjects;
   2) close relatives or spouses working in the inspected subjects;
   3) loans obtained in the inspected subjects and other property obligations to the inspected subjects.

Article 20-5. Liability of Employees of the National Bank of Kazakhstan and Its Agencies

1. For non-performance and improper performance of assigned duties and labor discipline, servants and technical servants of the National Bank of Kazakhstan and its agencies bear responsibility in accordance with the Labor Code of the Republic of Kazakhstan.

2. Deleted in accordance with the Law of the RK of 18.11.15 No. 411-V

3. Disciplinary penalty:
   1) is imposed by an official person having the right to appoint and dismiss the servant of the National Bank of Kazakhstan and its agencies being held disciplinarily liable;
   2) cannot be imposed repeatedly for the same offense;
   3) is imposed in the order determined by an act of the National Bank of Kazakhstan.

4. Servants of the National Bank of Kazakhstan and its agencies who have committed a disciplinary offense may be temporarily suspended from performing official duties by an official person having the right to appoint and dismiss him, until the issue of responsibility is resolved in the established order.

5. Deleted in accordance with the Law of the RK of 18.11.15 No. 411-V

6. Deleted in accordance with the Law of the RK of 18.11.15 No. 411-V

7. Deleted in accordance with the Law of the RK of 18.11.15 No. 411-V

8. Servants and technical servants of the National Bank of Kazakhstan and its agencies must be obligatorily acquainted with all materials related to being held disciplinarily liable, and they are given the right to personally participate in the procedure of the service investigation.

9. Actions and decisions of the National Bank of Kazakhstan may be appealed by servants and technical servants of the National Bank of Kazakhstan and its agencies being held liable in the order established by the laws of the Republic of Kazakhstan. At the same time, the appeal of the said actions and decisions of the National Bank of Kazakhstan does not suspend their execution.

10. Servants and technical servants of the National Bank of Kazakhstan and its agencies who commit criminal and other offenses bear, respectively, criminal, administrative, and material liability on the grounds and in the order established by the laws of the Republic of Kazakhstan.

11. The National Bank of Kazakhstan ensures legal protection of its employees, members of the Board of Directors, including former employees and members of the Board of Directors, and persons attracted by it in the event of lawsuits filed against them in connection with actions (inaction), adoption of decisions for the purpose of implementing the functions assigned to the National Bank of Kazakhstan, including during the period of performance of their duties as members of temporary administrations and liquidation commissions of second-tier banks, insurance (reinsurance) organizations.

Article 20-6. Vacations for Employees of the National Bank of Kazakhstan and Its Agencies

1. The Chairman of the National Bank of Kazakhstan, his deputies, as well as other employees of the National Bank of Kazakhstan and its agencies are granted a paid annual labor vacation with a duration of thirty calendar days.

Paid annual labor vacation for employees of the National Bank of Kazakhstan and its agencies for the first and subsequent years of work is provided at any time of the working year by agreement of the parties.

2. At the request of employees of the National Bank of Kazakhstan and its agencies, annual paid labor vacations may be provided to them in parts. At the same time, one of the parts of the paid annual labor vacation must be no less than two calendar weeks in duration of the vacation.

3. Employees of the National Bank of Kazakhstan and its agencies may be granted unpaid leave in the order established by the labor legislation of the Republic of Kazakhstan, including in the case of their training within the framework of the state order for postgraduate education programs.

Article 20-7. Guarantees and Compensation for Employees of the National Bank of Kazakhstan and Its Agencies on Business Trips

1. Employees of the National Bank of Kazakhstan and its agencies are reimbursed for expenses on business trips, including to foreign states, in the order determined by the National Bank of Kazakhstan.

2. For the duration of the entire business trip, the place of work (position) and average salary are preserved for dispatched employees of the National Bank of Kazakhstan and its agencies.

Article 20-8. Secondment of Employees of the National Bank of Kazakhstan

1. Employees of the National Bank of Kazakhstan may be seconded to foreign institutions of the Republic of Kazakhstan, international organizations and/or their representative offices, and other organizations for the purpose of performing tasks set before the National Bank of Kazakhstan, in the order regulated by the legislation of the Republic of Kazakhstan on diplomatic service.

2. Remuneration of seconded employees of the National Bank of Kazakhstan is carried out at the expense of the budget funds (expense estimate) of the National Bank of Kazakhstan and is determined in the order and on conditions determined by the Board of Directors of the National Bank of Kazakhstan.

3. Conditions of social and medical insurance, guarantees, conditions for payment of compensation and other payments, including reimbursement of damage to seconded employees of the National Bank of Kazakhstan and accompanying members of their families (spouse (husband/wife), minor children, minor adopted (foster) children, as well as incapacitated adult children and/or parents) are determined by the corresponding act of the National Bank of Kazakhstan.

Chapter 5
INTERACTION OF THE NATIONAL BANK OF KAZAKHSTAN WITH STATE AUTHORITIES

Article 21. Basic Principles of Interaction

The National Bank of Kazakhstan, within the powers provided to it by the laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan, is independent in its activities. Bodies of representative and executive power are not entitled to interfere in the activities of the National Bank of Kazakhstan, its branches, representative offices, agencies, and organizations in the implementation of its legislatively established powers.

Article 22. Government of the Republic of Kazakhstan and the National Bank of Kazakhstan

The National Bank of Kazakhstan coordinates its activities with the Government of the Republic of Kazakhstan. The National Bank of Kazakhstan and the Government are obliged to inform each other about proposed actions and achieved results of general state significance and to conduct regular consultations.

The National Bank of Kazakhstan takes into account the economic policy of the Government in its activities and assists in its implementation, if this does not contradict the performance of its main functions and the implementation of monetary policy.

The Chairman of the National Bank of Kazakhstan or one of his deputies has the right to participate in meetings of the Government with the right of advisory vote.

The Government does not bear responsibility for the obligations of the National Bank of Kazakhstan, just as the National Bank of Kazakhstan does not bear responsibility for the obligations of the Government, except in cases where it assumes such responsibility.

Article 23. National Bank of Kazakhstan - Bank, Financial Advisor, and Agent

The National Bank of Kazakhstan may act as a bank, financial advisor, and agent of state bodies by agreement with them.

Article 24. National Bank of Kazakhstan - Bank of the Government of the Republic of Kazakhstan

Funds of the Government of the Republic of Kazakhstan are deposited in the National Bank of Kazakhstan. The National Bank of Kazakhstan makes payments, carries out other operations on the accounts of the Government, and also provides it with other services.

Direct financing of the Government of the Republic of Kazakhstan by the National Bank of Kazakhstan is not permitted.

Article 25. National Bank of Kazakhstan - Financial Advisor of the Government of the Republic of Kazakhstan

The National Bank of Kazakhstan acts as a financial advisor to the Government of the Republic of Kazakhstan in the development and implementation of state borrowing policy, formation of budget policy on issues related to monetary policy.

Article 26. National Bank of Kazakhstan - Agent of the Government of the Republic of Kazakhstan

The National Bank of Kazakhstan acts as an agent of the Government of the Republic of Kazakhstan on conditions agreed between the National Bank of Kazakhstan and the Government of the Republic of Kazakhstan.

The National Bank of Kazakhstan, as an agent of the Government of the Republic of Kazakhstan, services state loans of the Government in agreement with it.

Article 27. Operations with State Securities Issued by Decision of the Government of the Republic of Kazakhstan

The National Bank of Kazakhstan has the right to carry out operations with state securities issued by decision of the Government of the Republic of Kazakhstan.

The National Bank of Kazakhstan is not entitled to acquire in its ownership state securities of the central authorized body for budget execution when they are placed in the primary market.
The central authorized body for budget execution agrees with the National Bank of Kazakhstan the conditions for admission of financial organizations to the primary placement of state securities issued by decision of the Government.

Article 28. Regulation of circulation of state securities
The National Bank of Kazakhstan carries out regulation of the circulation of state securities of the Government of the Republic of Kazakhstan and local executive bodies in agreement with the central authorized body for budget execution.

Chapter 6
MONETARY AND CREDIT POLICY

Article 29. Development and implementation of monetary policy
The National Bank of Kazakhstan is the sole body determining and implementing monetary policy. Monetary policy is implemented by the National Bank of Kazakhstan with the aim of ensuring price stability.
Monetary policy is implemented by establishing:
the base rate of the National Bank of Kazakhstan; rates of remuneration on the main monetary policy operations; standards of minimum reserve requirements; in exceptional cases, direct quantitative restrictions on the level and volumes of certain types of operations. The National Bank of Kazakhstan sets inflation targets for the medium-term perspective.

Article 30. Types of monetary policy operations
For the purpose of implementing monetary policy, the National Bank of Kazakhstan carries out the following types of operations:
1) provision of permanent access loans;
2) acceptance of deposits;
3) foreign exchange interventions;
4) issuance of short-term notes of the National Bank of Kazakhstan;
5) purchase and sale of state and other securities, including with the right of repurchase;
6) repealed in accordance with the Law of the RK of 24.11.15 No. 422-V
7) other operations by decision of the Board of the National Bank of Kazakhstan.

Article 31. Repealed in accordance with the Law of the RK of 24.11.15 No. 422-V

Article 32. Reserve requirements
For the purpose of implementing monetary policy, the National Bank of Kazakhstan establishes standards of minimum reserve requirements applied to:
banks; branches of banks - non-residents of the Republic of Kazakhstan; organizations carrying out certain types of banking operations, having the right to accept deposits, open and maintain bank accounts of individuals and/or legal entities and having access to operations of the National Bank of Kazakhstan; the National Post Operator. The National Bank of Kazakhstan approves rules on minimum reserve requirements, which determine:
the structure of liabilities accepted for the calculation of minimum reserve requirements; the procedure for calculating minimum reserve requirements, fulfilling minimum reserve requirements, reserving and carrying out control over the fulfillment of minimum reserve requirements; specifics of minimum reserve requirement standards applied to the National Post Operator. Such specifics are applied on condition that one hundred percent of the package of shares of the National Post Operator belongs directly or indirectly to the state. Changes to minimum reserve requirement standards enter into force no earlier than one month from the date of adoption of such decision. In case of violation of minimum reserve requirements, the persons specified in the first part of this article bear responsibility established by the laws of the Republic of Kazakhstan. Within ten calendar days from the date of appointment of the liquidation commission, the National Bank of Kazakhstan returns to the liquidation commission the funds reserved from the persons specified in the first part of this article.

Article 33. Purchase and sale of securities
Purchase and sale of state and other securities are carried out in the order determined by the National Bank of Kazakhstan within the framework of general monetary policy.

Article 34. Base rate of the National Bank of Kazakhstan and remuneration rates for monetary policy operations
The base rate of the National Bank of Kazakhstan is the main instrument of monetary policy and a benchmark for setting remuneration rates for monetary policy operations.
Remuneration rates for monetary policy operations are established by the National Bank of Kazakhstan for the purpose of influencing market remuneration rates in the financial market within the framework of the implemented monetary policy.

Article 35. Permanent access loans
The National Bank of Kazakhstan provides permanent access loans in accordance with accepted monetary policy targets exclusively against collateral of highly liquid, risk-free securities and other low-risk assets for a term of no more than thirty calendar days.

Article 36. Foreign exchange interventions
Foreign exchange interventions of the National Bank of Kazakhstan are carried out independently by buying and selling foreign currency and conducting other types of foreign exchange transactions on the interbank or exchange market for the purpose of influencing the tenge exchange rate. Foreign exchange interventions of the National Bank of Kazakhstan are conducted within the framework of general monetary policy.

Article 36-1. Deposits
The procedure, conditions for attracting and repayment, terms and limits for attracting deposits are determined by the National Bank of Kazakhstan.
The National Bank of Kazakhstan has the right to attract deposits in both national and foreign currency.

Article 36-2. Short-term notes of the National Bank of Kazakhstan
Short-term notes of the National Bank of Kazakhstan are state issue securities issued by the National Bank of Kazakhstan, for which obligations are borne by the National Bank of Kazakhstan.
The procedure and conditions for issuance, placement, circulation and redemption of short-term notes are determined by the National Bank of Kazakhstan.
The National Bank of Kazakhstan, in accordance with the goals of monetary policy, has the right to issue short-term notes in both national and foreign currency.

Article 36-3. Repealed in accordance with the Law of the RK of 24.11.15 No. 422-V

Article 37. Quantitative restrictions on bank operations
Under direct quantitative restrictions of the National Bank of Kazakhstan are understood maximum levels of rates for certain types of operations and transactions, direct restriction of lending, freezing of remuneration rates, direct regulation of specific types of credit for the purpose of stimulating or restraining the development of certain sectors. The National Bank of Kazakhstan has the right to apply direct quantitative restrictions in case of impossibility of stopping inflationary processes by indirect methods of monetary regulation.

Chapter 7
CURRENCY CIRCULATION AND CURRENCY UNIT

Article 38. Currency unit
The national currency (currency unit) of the Republic of Kazakhstan is the tenge. The tenge consists of 100 tiyins.
Currency signs of the Republic of Kazakhstan in circulation consist of banknotes and coins.
The structure of denominations of banknotes and coins is determined by the National Bank of Kazakhstan.

Article 39. Means of payment
The legal means of payment in the Republic of Kazakhstan, except for cases provided for by the laws of the Republic of Kazakhstan, normative legal acts of the National Bank of Kazakhstan, is the tenge.

Article 40. Issuance of banknotes and coins
The issuance of banknotes and coins, organization of their circulation and withdrawal from circulation on the territory of the Republic of Kazakhstan are carried out exclusively by the National Bank of Kazakhstan.
The issuance of banknotes and coins into circulation is carried out by the National Bank of Kazakhstan through their sale to individuals and legal entities.

Article 41. Security of the currency unit
Banknotes and coins of the National Bank of Kazakhstan are unconditional obligations of the National Bank of Kazakhstan and are secured by all its assets.
The National Bank of Kazakhstan regularly publishes in the mass media a statement on the size of gold and foreign exchange reserves.

Article 42. Manufacture and characteristics of banknotes and coins
The National Bank of Kazakhstan determines the need for the necessary number of banknotes and coins, ensures their manufacture, establishes the procedure for storage, destruction and cashing of cash.
Coins are divided into the following types:
investment coins - coins made of precious metals, which are objects of investment and accumulation; collectible coins - anniversary, commemorative and other special mint coins, manufactured in limited editions both from precious and non-precious metals, which are objects of collection and accumulation; circulation coins - coins made of non-precious metals and intended for cash money circulation. Banknotes and coins of the national currency of the Republic of Kazakhstan are developed in accordance with the concept of design of banknotes and coins of the national currency - tenge. Images and descriptions of banknotes and coins are published in the mass media.

Article 43. Requirements for acceptance of banknotes and coins
Banknotes and coins issued into circulation by the National Bank of Kazakhstan are mandatory for acceptance at their face value throughout the territory of the Republic of Kazakhstan for all types of payments, as well as for crediting to bank accounts and for transfer, without restriction are changeable and exchangeable by all banks, branches of banks - non-residents of the Republic of Kazakhstan and the National Post Operator. No one, except the National Bank of Kazakhstan, can declare invalid banknotes and coins issued by the National Bank of Kazakhstan.

Article 43-1. Sale and repurchase of banknotes and coins by the National Bank of Kazakhstan, including in special packaging
Sale and repurchase by the National Bank of Kazakhstan of banknotes and coins, including in special packaging, are carried out in the order determined by normative legal acts of the National Bank of Kazakhstan.

Article 44. Right to replace the currency unit
The right to replace the currency unit belongs to the President of the Republic of Kazakhstan. The President of the Republic of Kazakhstan determines the procedure, terms and conditions for the functioning of the currency unit of the Republic of Kazakhstan.

Article 45. Issuance into circulation, replacement and withdrawal from circulation of banknotes and coins of the national currency of the Republic of Kazakhstan
Decisions on issuance into circulation, order of replacement and withdrawal from circulation of banknotes and coins of the national currency of the Republic of Kazakhstan are taken by the National Bank of Kazakhstan and published in the mass media.

Article 46. Worn, doubtful banknotes and defective (damaged), doubtful coins
Worn banknotes retaining at least seventy percent of the sizes of banknotes established by the National Bank of Kazakhstan, and defective (damaged) coins without restriction are exchanged by the National Bank of Kazakhstan, banks, branches of banks - non-residents of the Republic of Kazakhstan and the National Post Operator in accordance with the normative legal act of the National Bank of Kazakhstan. Doubtful banknotes retaining more than fifty percent, and doubtful coins are accepted by the National Bank of Kazakhstan, banks, branches of banks - non-residents of the Republic of Kazakhstan and the National Post Operator in accordance with the normative legal act of the National Bank of Kazakhstan. Doubtful banknotes and doubtful coins are exchanged by the National Bank of Kazakhstan after determining their paymentability in the order provided for by the normative legal act of the National Bank of Kazakhstan. The National Bank of Kazakhstan is not obliged to compensate for lost or destroyed banknotes and coins.

Article 47. Liability for manufacture, storage and sale of counterfeit banknotes and coins
Persons guilty of manufacturing, storing counterfeit banknotes and coins for the purpose of sale, sale of counterfeit banknotes and coins, as well as carrying out unauthorized emission of cash, bear responsibility established by the laws of the Republic of Kazakhstan.

Article 47-1. Repealed in accordance with the Law of the RK of 11.07.09 No. 185-IV

Article 47-2. Digital tenge
The digital tenge is a digital form of the national currency of the Republic of Kazakhstan and a legal means of payment.
Digital tenge of the National Bank of Kazakhstan are unconditional obligations of the National Bank of Kazakhstan and are secured by all its assets.
The issuance, organization of circulation and redemption of digital tenge on the territory of the Republic of Kazakhstan are carried out exclusively by the National Bank of Kazakhstan.
The procedure for circulation of digital tenge and their use is determined by the National Bank of Kazakhstan.

Chapter 8
ORGANIZATION OF PAYMENTS AND MONEY TRANSFERS

Article 48. Powers of the National Bank of Kazakhstan in the organization and regulation of payments and/or money transfers, payment systems and the market of payment services
Powers of the National Bank of Kazakhstan in the organization and regulation of payments and/or money transfers, payment systems and the market of payment services, carrying out state control and supervision over the market of payment services and oversight of payment systems are determined in accordance with the Law of the Republic of Kazakhstan "On Payments and Payment Systems" and other laws of the Republic of Kazakhstan.

Article 48-1. Repealed in accordance with the Law of the RK of 08.07.05 No. 69-III

Article 49. Accounts
The National Bank of Kazakhstan establishes types, legal regime and structure of bank accounts, procedure and conditions for opening, maintenance and closing of accounts.

Article 50. Methods of carrying out payments and money transfers
Methods of carrying out payments and money transfers applied on the territory of the Republic of Kazakhstan are established by laws and normative legal acts of the Republic of Kazakhstan adopted in accordance with them.

Article 51. Repealed in accordance with the Law of the RK of 11.07.97 No. 154-1

Chapter 8-1. ASSISTANCE IN ENSURING STABILITY OF THE FINANCIAL SYSTEM

Article 51-1. Development and implementation of measures to ensure stability of the financial system
The National Bank of Kazakhstan independently and/or jointly with other state bodies within their competence develops and implements measures aimed at ensuring stability of the financial system.
The National Bank of Kazakhstan, the Government of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations interact on issues of stability of the financial system by:
informing each other about proposed actions and achieved results of general state significance; joint assessment of risk factors for financial stability; development, adoption and implementation of a set of coordinated decisions for the purpose of minimizing systemic risk, preventing the occurrence of a financial crisis and minimizing its consequences; conclusion of an agreement on issues of financial stability. Interdepartmental coordination on issues of ensuring financial stability is carried out by the Financial Stability Council of the Republic of Kazakhstan, which is a consultative and advisory body at the President of the Republic of Kazakhstan. Questions related to the adoption of the following measures aimed at ensuring financial stability are subject to mandatory preliminary consideration by the Financial Stability Council of the Republic of Kazakhstan:
on measures for the implementation of macroprudential policy aimed at reducing systemic risks of the financial system; on a set of measures of the National Bank of Kazakhstan, the Government of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations to prevent the occurrence of a financial crisis and minimize its consequences; on instruments for resolution, the forced liquidation of which entails systemic risks of the financial system, including on state participation in its resolution. The decision on the creation of the Financial Stability Council of the Republic of Kazakhstan, its composition and its regulation are approved by the President of the Republic of Kazakhstan. For the purpose of assisting in ensuring stability of the financial system, the National Bank of Kazakhstan:
1) conducts regular monitoring of macroeconomic and macrofinancial factors affecting the stability of the financial system;
2) forms macroprudential policy;
3) provides lender-of-last-resort loans in the order and on conditions provided for by this Law and the joint normative legal act of the National Bank of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations;
4) carries out payment of a one-time compensation, including through an organization specializing in improving the quality of credit portfolios of second-tier banks, for deposits (deposits) of individuals accepted in national currency (tenge), in connection with the transition to a freely floating exchange rate regime in the order, on conditions and in terms established by the Board of the National Bank of Kazakhstan;
5), 6) repealed in accordance with the Law of the RK of 03.07.19 No. 262-VI
7) carries out operations with derivative financial instruments with second-tier banks in the order, on conditions and in terms established by the Board of the National Bank of Kazakhstan;
8) repealed in accordance with the Law of the RK of 03.07.19 No. 262-VI

Article 51-2. Macroprudential policy
Under macroprudential policy is understood a set of measures aimed at reducing systemic risks of the financial system.
Under systemic risks of the financial system are understood risks of violation of the provision of financial services, leading to deterioration of the financial condition of the entire financial system or its part and/or undermining its stable functioning.
Systemic risks of the financial system also include risks of systemically important financial organizations.
Under systemically important financial organizations are understood financial organizations, the stable functioning of which depends on the stability of the financial system as a whole.
For the purpose of forming macroprudential policy, the National Bank of Kazakhstan:
1) regularly conducts monitoring of systemic risks of the financial system;
1-1) establishes macroprudential standards and limits, which are economic restrictions for reducing systemic risks of second-tier banks, branches of banks - non-residents of the Republic of Kazakhstan;
2) in agreement with the authorized body for regulation, control and supervision of the financial market and financial organizations determines the procedure for attributing financial organizations to the number of systemically important;
2-1) forms a list of systemically important financial organizations;
3) independently or jointly with other state bodies within their competence submits to the consideration of the Financial Stability Council of the Republic of Kazakhstan measures aimed at ensuring financial stability;
4) in case of occurrence or threat of occurrence of a systemic financial crisis, independently or jointly with the Government of the Republic of Kazakhstan introduces restrictions on the conduct of certain types of banking and other operations by financial organizations.

Article 51-3. Lender-of-last-resort loans

1. Under lender-of-last-resort loans are understood loans provided by the National Bank of Kazakhstan to banks experiencing a short-term liquidity deficit.
   The National Bank of Kazakhstan has the right to provide a lender-of-last-resort loan only on the following conditions:
   1) the borrower is a bank - resident of the Republic of Kazakhstan, meeting the requirements for minimum values of capital adequacy coefficients and its size, established by the authorized body for regulation, control and supervision of the financial market and financial organizations at the time of the bank's application for obtaining a lender-of-last-resort loan, and not recognized by the authorized body for regulation, control and supervision of the financial market and financial organizations as insolvent or potentially insolvent based on the assessment of the bank's viability, except for paragraph 5 of this article;
   1-1) the bank applying for a lender-of-last-resort loan, based on information from the authorized body for regulation, control and supervision of the financial market and financial organizations, has no facts of granting loans to persons associated with the bank by special relations, including on preferential terms, in violation of Article 50 of the Law of the Republic of Kazakhstan "On Banks and Banking Activity in the Republic of Kazakhstan";
   2) the loan is provided against collateral of assets, the list of which and the discounts applied to them are determined by the National Bank of Kazakhstan.
   The value of assets provided as collateral, taking into account the discount, must cover the amount of the loan taking into account remuneration for it in full;
   3) the loan is provided in national currency;

4) the loan interest rate is set at a level not lower than the base rate of the National Bank of Kazakhstan, taking into account the additional percentage remuneration established by the National Bank of Kazakhstan;
5) the loan is provided for a term from fourteen to ninety calendar days with the possibility of extension no more than three times. The total term of using the loan, including all extensions, cannot exceed one year. Extension of the last resort loan is carried out on the conditions specified in this article.
1-1. Until the bank fulfills its obligations under the last resort loan, the bank is not entitled:
1) to make investments, issue loans to persons associated with the bank through special relations;
2) to accrue and pay dividends to shareholders of the bank;
3) to accrue remuneration and bonuses to senior management of the bank.
2. The National Bank of Kazakhstan has the right to provide last resort loans to systemically important financial infrastructure organizations.
3. In case of non-performance (improper performance) by the bank of its obligations under the last resort loan, satisfaction of the claims of the National Bank of Kazakhstan is carried out out of court by means of the National Bank of Kazakhstan acquiring pledged assets into its ownership and/or their realization by the bank for the purpose of satisfying the claims of the National Bank of Kazakhstan to a third party determined by the National Bank of Kazakhstan in agreement with the authorized body for regulation, control and supervision of the financial market and financial organizations. Assignment of the right (claim) to assets serving as security for the last resort loan agreement does not require:
1) consent of shareholders, debtors of the bank, as well as other interested parties (including pledgors, guarantors, sureties). At the same time, the identity of the new creditor is recognized as not having significant importance for the debtor;
2) making changes to contracts concluded by the bank with debtors of the bank, as well as other persons (including pledgors, guarantors, sureties), regarding the indication of the new party to the contract.
4. The procedure, conditions for providing and repaying last resort loans, as well as the recovery of assets serving as security for the last resort loan agreement, are determined by the National Bank of Kazakhstan jointly with the authorized body for regulation, control and supervision of the financial market and financial organizations.
5. The National Bank of Kazakhstan may provide a last resort loan to a systemically important bank to which a resolution regime has been applied, or to a stabilization bank to which the assets and liabilities of a systemically important bank to which a resolution regime has been applied will be transferred in accordance with the Law of the Republic of Kazakhstan "On Banks and Banking Activity in the Republic of Kazakhstan", exclusively to cover short-term liquidity deficits upon compliance with the following conditions:

• adoption by the Government of the Republic of Kazakhstan or the national managing holding company of a decision on the acquisition of shares of a systemically important bank or a stabilization bank to which the assets and liabilities of a systemically important bank to which a resolution regime has been applied will be transferred;
• provision of a state guarantee of the Republic of Kazakhstan for loans for the resolution of a systemically important bank as security for the fulfillment of obligations in the amount of the last resort loan in full.

Chapter 8-2
SPECIAL REGULATORY REGIME

Article 51-4. Purposes of introduction and general conditions for carrying out activities within the framework of the special regulatory regime

1. The special regulatory regime of the National Bank of Kazakhstan represents a set of special conditions for carrying out activities related to digital assets and/or payment services.
2. The special regulatory regime is aimed at achieving the following goals:
   1) increasing competition in the payment services market;
   2) introducing new services and developing the financial market to increase the degree of satisfaction and alignment with the interests of consumers, business entities, and the state;
   3) forming optimal regulation, control, and supervision of the payment services market, ensuring the protection of consumer interests.
3. The principles of the special regulatory regime are:
   1) ensuring equality of conditions for participation within the framework of the special regulatory regime;
   2) compliance by participants in the special regulatory regime with the rights and interests of consumers.
4. The special regulatory regime is introduced by a decision of the Board of the National Bank of Kazakhstan, which specifies the types of payment services and/or activities related to digital assets and/or payment services, special conditions for their provision (carrying out) within the framework of the special regulatory regime, the procedure and conditions for applying the requirements of the legislation of the Republic of Kazakhstan to participants in the special regulatory regime.
   The introduction of the special regulatory regime in relation to activities related to digital assets and/or payment services by payment service providers specified in subparagraphs 2) and 3) of paragraph 1 of Article 10 of the Law of the Republic of Kazakhstan "On Payments and Payment Systems" is carried out by a decision of the Board of the National Bank of Kazakhstan in agreement with the authorized body for regulation, control and supervision of the financial market and financial organizations. The general term of the special regulatory regime introduced by the National Bank of Kazakhstan does not exceed five years.
5. The special regulatory regime ceases to operate after the expiration of the term for which it was introduced.
6. The procedure for introducing and canceling the special regulatory regime, as well as carrying out activities within the framework of the special regulatory regime, is approved by a normative legal act of the National Bank of Kazakhstan.

Article 51-5. Carrying out activities within the framework of the special regulatory regime

1. Participants in the special regulatory regime may be payment service providers specified in subparagraphs 2), 3), and 5) of paragraph 1 of Article 10 of the Law of the Republic of Kazakhstan "On Payments and Payment Systems", and/or other legal entities that are not financial organizations, for the purpose of carrying out activities related to digital assets and/or payment services (hereinafter - participants in the special regulatory regime).

2. Activities of a participant in the special regulatory regime are carried out in accordance with an agreement on carrying out activities within the framework of the special regulatory regime, concluded with the National Bank of Kazakhstan.
   The standard agreement on carrying out activities within the framework of the special regulatory regime is approved by the National Bank of Kazakhstan.
   The standard agreement on carrying out activities within the framework of the special regulatory regime must contain a condition according to which the participant in the special regulatory regime is obliged to notify consumers of services about the carrying out of activities within the framework of the special regulatory regime.

3. Criteria for selection and the procedure for reviewing documents for concluding an agreement on carrying out activities within the framework of the special regulatory regime are approved by a normative legal act of the National Bank of Kazakhstan.

4. The National Bank of Kazakhstan refuses to conclude an agreement on carrying out activities within the framework of the special regulatory regime with a participant in the special regulatory regime in cases of non-compliance of the declared type of activity with the purposes of introducing the special regulatory regime, criteria for selecting participants in the special regulatory regime, and/or the submitted documents with the requirements established by the normative legal act of the National Bank of Kazakhstan.

5. The action of the agreement on carrying out activities within the framework of the special regulatory regime ceases:
   1) upon termination of the special regulatory regime due to the expiration of the term for which it was introduced, or its cancellation;
   2) upon expiration of the term or early termination of the agreement on carrying out activities within the framework of the special regulatory regime;
   3) in other cases provided for by the civil legislation of the Republic of Kazakhstan or the agreement on carrying out activities within the framework of the special regulatory regime.

6. The National Bank of Kazakhstan has the right to unilaterally terminate the agreement on carrying out activities within the framework of the special regulatory regime in case of non-fulfillment by the participant in the special regulatory regime of the obligations provided for in the agreement, as well as in the event that the participant in the special regulatory regime ceases to meet the conditions established by the normative legal act of the National Bank of Kazakhstan.
   The National Bank of Kazakhstan notifies the participant in the special regulatory regime of the non-fulfillment of obligations defined by the agreement on carrying out activities within the framework of the special regulatory regime, and the need to eliminate violations within a period of no more than sixty working days from the date of notification. The participant in the special regulatory regime, within a period of no more than five working days from the date of receipt of the notification from the National Bank of Kazakhstan, develops and submits to the National Bank of Kazakhstan a plan of measures to eliminate the identified violations and/or causes, as well as conditions that contributed to their commission. The plan of measures specifies the list of planned measures, deadlines for their implementation, as well as responsible officials. In case of approval by the National Bank of Kazakhstan of the plan of measures, the participant in the special regulatory regime proceeds to its implementation and submits a report on the completion of measures to the National Bank of Kazakhstan within the deadlines established by the National Bank of Kazakhstan. In case of disagreement by the National Bank of Kazakhstan with the plan of measures, the participant in the special regulatory regime eliminates the remarks of the National Bank of Kazakhstan. In case of disapproval of the plan of measures and/or failure to take measures to eliminate the remarks of the National Bank of Kazakhstan by the participant in the special regulatory regime, the National Bank of Kazakhstan notifies the participant in the special regulatory regime of the unilateral termination of the agreement on carrying out activities within the framework of the special regulatory regime.

7. After the termination of the action of the agreement on carrying out activities within the framework of the special regulatory regime, the person who was previously a participant in the special regulatory regime is obliged to immediately cease activities carried out within the framework of the special regulatory regime, regarding which a permitting procedure operates in accordance with the laws of the Republic of Kazakhstan, as well as to fulfill obligations to its clients in the manner and deadlines established by the normative legal acts of the National Bank of Kazakhstan.

8. Carrying out activities, regarding which a permitting procedure operates in accordance with the laws of the Republic of Kazakhstan, after the termination of the action of the agreement on carrying out activities within the framework of the special regulatory regime is illegal and entails liability established by the laws of the Republic of Kazakhstan.

Chapter 9
OPERATIONS OF THE NATIONAL BANK OF KAZAKHSTAN

Article 52. Owners of bank accounts in the National Bank of Kazakhstan
Owners of bank accounts in the National Bank of Kazakhstan are considered to be legal entities that have opened accounts therein in the manner established by the National Bank of Kazakhstan, and banks, branches of non-resident banks of the Republic of Kazakhstan.

Article 52-1. Operations and transactions of the National Bank of Kazakhstan in national currency
The National Bank of Kazakhstan conducts the following operations in national currency:
1) provides loans to organizations having the right to receive such loans, in the manner provided for by the legal acts of the National Bank of Kazakhstan;
2) excluded in accordance with the Law of the RK of 24.11.15 No. 422-V
3) buys and sells government securities;
4) buys and sells deposit certificates, debt securities that the National Bank of Kazakhstan considers suitable for securing credits;
5) accepts deposits, carries out payments and money transfers, accepts securities and other valuables for storage and management;
6) carries out operations with derivative financial instruments in the manner determined by the National Bank of Kazakhstan;
7) if necessary, opens accounts in banks and financial organizations, branches of non-resident banks of the Republic of Kazakhstan on the territory of the Republic of Kazakhstan and beyond its borders;
7-1) places deposits in second-tier banks, including through its subsidiary organizations, for refinancing mortgage housing loans and mortgage loans of individuals in the manner determined by the Board of the National Bank of Kazakhstan;
8) issues checks and issues bills of exchange;
9) carries out other banking operations, as well as transactions in its own name in accordance with its tasks, if this is not directly prohibited by this Law.

Article 53. Excluded in accordance with the Law of the RK of 10.07.03 No. 483-II

Article 54. Restrictions on operations of the National Bank of Kazakhstan
The National Bank of Kazakhstan does not have the right:

• to service organizations, as well as acquire shares of legal entities, except in cases provided for by this Law;
• to engage in trade and other activities, except those permitted by current legislation;
• to provide unsecured loans, as well as loans for a term of more than one year, except in cases of use of funds by the National Bank of Kazakhstan to ensure the completeness of settlements on payments and money transfers in payment systems, the operator of which is the National Bank of Kazakhstan or its subsidiary organization;
• to extend provided loans or allow renewal of bills with expiring terms, except in cases directly provided for by the laws of the Republic of Kazakhstan.

Chapter 10
ACTIVITY OF THE NATIONAL BANK OF KAZAKHSTAN IN THE SPHERE OF FOREIGN ECONOMIC RELATIONS. OPERATIONS WITH CURRENCY VALUES

Article 55. Excluded in accordance with the Law of the RK of 10.07.03 No. 483-II

Article 56. Functions of the National Bank of Kazakhstan in the field of currency regulation and currency control
The National Bank of Kazakhstan as a body of currency regulation and currency control:
1) determines the procedure for circulation of currency values in the Republic of Kazakhstan;
2) determines the procedure for carrying out currency operations in the Republic of Kazakhstan, including the procedure for buying and selling foreign currency in the domestic foreign exchange market of the Republic of Kazakhstan;
3) establishes qualification requirements for activities related to exchange operations with cash foreign currency exclusively through exchange points;
4) determines the procedure for licensing legal entities carrying out activities exclusively through exchange points, and issues licenses and/or attachments to licenses for exchange operations with cash foreign currency to such legal entities;
5) determines the procedure for carrying out exchange operations with cash foreign currency, including the procedure for opening exchange points and establishing limits for deviation of purchase rates from sales rates of cash foreign currency for national currency;
6) determines the procedure for monitoring currency operations and providing information on currency operations and accounts of residents of the Republic of Kazakhstan in foreign banks, international financial organizations, including the procedure for assigning accounting numbers to currency contracts on capital movement, providing information on carried out currency operations and accounts of residents of the Republic of Kazakhstan in foreign banks, international financial organizations, and providing information for the purposes of monitoring currency operations;
7) jointly with the authorized body carrying out leadership in the sphere of ensuring inflows of taxes and other mandatory payments to the budget, determines the procedure for carrying out export-import currency control for the purpose of ensuring compliance by residents of the Republic of Kazakhstan with the requirement of repatriation;
7-1) determines the procedure for providing information by authorized banks on sources of demand and supply in the domestic foreign exchange market of the Republic of Kazakhstan and purposes of use of acquired foreign currency, including forms and deadlines for reporting; 7-2) determines the procedure for providing information by branches (representative offices) of foreign non-financial organizations carrying out activities in the Republic of Kazakhstan, including forms and deadlines for reporting, as well as types of activities, during the carrying out of which reporting is required by branches (representative offices) of foreign non-financial organizations;
8) issues special permits for conducting currency operations within the framework of measures to protect the balance of payments;
9) determines, in agreement with state bodies in accordance with their competence, the procedure and forms of accounting and reporting on currency operations, mandatory for execution by residents of the Republic of Kazakhstan and non-residents of the Republic of Kazakhstan in the Republic of Kazakhstan, as well as the procedure and deadlines for reporting submission by agents of currency control;

10) in cases of establishment of facts of violation by authorized banks, branches of non-resident banks of the Republic of Kazakhstan, and other persons of the currency legislation of the Republic of Kazakhstan, applies restricted impact measures, supervisory response measures, and sanctions in accordance with the currency legislation of the Republic of Kazakhstan;
11) requests data, documents, and/or information on the implementation by authorized banks of internal control of currency operations for the purpose of combating legalization (money laundering) of income obtained criminally, terrorism financing, and financing of proliferation of weapons of mass destruction.
The National Bank of Kazakhstan has the right to perform other functions in the field of currency regulation and currency control in accordance with this Law, other laws of the Republic of Kazakhstan, and acts of the President of the Republic of Kazakhstan.

Article 57. Operations with assets in foreign currency and precious metals
The National Bank of Kazakhstan conducts the following operations with assets in foreign currency and precious metals:
buys and sells foreign currency; carries out operations with securities issued and guaranteed by the Government of the Republic of Kazakhstan in foreign currency, governments of foreign states, or international financial organizations; opens accounts in banks of the Republic of Kazakhstan, foreign central banks, foreign banks, and other financial institutions having the corresponding right under the legislation of the states in which they are registered, as well as in international financial organizations; opens and maintains accounts, acts as a representative or correspondent for foreign central banks, foreign banks, and other financial institutions having the corresponding right under the legislation of the states in which they are registered, foreign governments and their agents, as well as international financial organizations; carries out acceptance and storage of refined gold, other precious metals; carries out operations on purchase, sale, placement for storage, and deposit of refined gold and other precious metals in the domestic and external markets, including purchase of refined gold within the framework of implementing the priority right of the state; in the manner established by the legislation of the Republic of Kazakhstan, imports into the Republic of Kazakhstan assets in foreign currency and precious metals, as well as exports them abroad for placement in its accounts in foreign banks and specialized financial organizations; carries out operations with securities, the requirements for which are determined by the Board of the National Bank of Kazakhstan; carries out operations with money market instruments with counterparties having a credit rating, the minimum level of which is determined by the Board of the National Bank of Kazakhstan; carries out operations with derivative financial instruments in accordance with the procedure determined by the National Bank of Kazakhstan; opens and maintains metal accounts for clients; carries out other operations by decision of the Board of the National Bank of Kazakhstan. The National Bank of Kazakhstan carries out any types of currency operations without restrictions. To achieve the goal and perform the tasks provided for by this Law, the National Bank of Kazakhstan carries out asset management activities in foreign currency and precious metals, ensuring their safety, liquidity, and profitability in the long term, taking into account the risk of asset investment and in accordance with the main principles of their management.

Article 58. Foreign Exchange Reserves of the National Bank of Kazakhstan
The foreign exchange reserves of the National Bank of Kazakhstan (hereinafter - foreign exchange reserves) are formed for the purpose of ensuring the internal and external stability of the tenge from assets of the National Bank of Kazakhstan that have high liquidity on international capital markets, and include:

• refined gold in bars and gold on metal accounts;
• reserve position in the International Monetary Fund and assets in special drawing rights of the International Monetary Fund;
• assets in freely convertible foreign currency, including cash, deposits placed in foreign banks, and securities issued by foreign governments or international financial organizations;
• other external assets denominated in freely convertible foreign currencies that possess liquidity and the ability to be used without restrictive conditions.
  The National Bank of Kazakhstan ensures the maintenance of foreign exchange reserves at a level necessary to ensure the stability and convertibility of the national currency, and the execution of payments on the obligations of the Republic of Kazakhstan.
  The use of foreign exchange reserves in the form of issuing credits (loans, advances) and providing guarantees or other obligations to residents and non-residents of the Republic of Kazakhstan is not permitted, except in cases provided for by a decision of the Board of the National Bank of Kazakhstan. The increase and change in the structure of foreign exchange reserves are carried out by the National Bank of Kazakhstan through:
• purchase of refined gold for tenge and foreign currency;
• purchase of assets in freely convertible foreign currency for tenge (including commemorative and souvenir coins) and foreign currency from residents and non-residents of the Republic of Kazakhstan, as well as from the Government of the Republic of Kazakhstan;
• receipts in freely convertible foreign currency of commissions and other remuneration from deposit, investment, dealing operations with foreign currency and operations with securities denominated in foreign currency, as well as from credits provided by it in foreign currency;
• receipts in gold and freely convertible foreign currency from the conduct by the National Bank of Kazakhstan of sales, depositing and other operations with gold, including receipts from operations with securities of the National Bank of Kazakhstan denominated in refined gold;
• receipts in freely convertible foreign currency from the issuance by the National Bank of Kazakhstan of emission securities in foreign currency;
• transfers of assets in foreign currency and precious metals into foreign exchange reserves in accordance with the main principles of managing assets in foreign currency and precious metals;
• receipts from credits obtained by the National Bank of Kazakhstan from international financial organizations, central banks of foreign states and other creditors;
• receipts in freely convertible foreign currency from services provided by the National Bank of Kazakhstan in accordance with this Law and the Regulation on the National Bank of Kazakhstan.
  The decrease and change in the structure of foreign exchange reserves are carried out by the National Bank of Kazakhstan through:
• sale of freely convertible currency for the purpose of conducting monetary policy, including exchange rate policy, and smoothing the imbalance of supply and demand for foreign currency in the domestic currency market;
• repayment and servicing of the external debt of the Republic of Kazakhstan, fulfillment of obligations of the Government of the Republic of Kazakhstan and the National Bank of Kazakhstan, international obligations of the Republic of Kazakhstan, including international obligations of the National Bank of Kazakhstan, at the expense of the budget and the budget (expense estimate) of the National Bank of Kazakhstan;
• payment for the import of products (works, services), maintenance of diplomatic and other representations abroad, payment of travel and representation expenses;
• sale of assets in freely convertible foreign currency for the acquisition of another foreign currency;
• redemption of emission securities of the National Bank of Kazakhstan;
• return of principal and remuneration on credits obtained by the National Bank of Kazakhstan, as well as payment of commissions and other related expenses;
• transfers of foreign exchange reserves into other assets in foreign currency and precious metals in accordance with the main principles of managing assets in foreign currency and precious metals;
• realization of refined gold for tenge and foreign currency;
• payment of expenses related to the management and storage of assets in foreign currency and precious metals;
• write-off of unprofitable foreign exchange reserves.
  The increase or decrease in foreign exchange reserves also occurs as a result of changes in the market value of assets included in the foreign exchange reserves, and operations of resident owners of bank accounts in freely convertible currency opened at the National Bank of Kazakhstan.

Article 59. Excluded in accordance with the Law of the RK of 14.01.16 No. 445-V

Article 60. Excluded in accordance with the Law of the RK of 11.07.09 No. 185-IV

Chapter 11. Excluded in accordance with the Law of the RK of 03.07.19 No. 262-VI

Chapter 12
REPORTING OF THE NATIONAL BANK OF KAZAKHSTAN

Article 65. Financial Year
The financial year of the National Bank of Kazakhstan begins on January 1 and ends on December 31 according to calendar calculation.

Article 66. Reporting
The National Bank of Kazakhstan annually submits an annual report for approval to the President of the Republic of Kazakhstan.
The President of the Republic of Kazakhstan reviews the annual report of the National Bank of Kazakhstan and makes a decision on its approval.

Article 67. Annual Report
The annual report of the National Bank of Kazakhstan includes:

• a report on monetary policy and the state of the financial market;
• a report on the activities of the National Bank of Kazakhstan in the past year;
• the annual consolidated financial statements of the National Bank of Kazakhstan.

Article 68. Audit of the Activities of the National Bank of Kazakhstan
By decision of the Board of the National Bank of Kazakhstan, the audit of the financial reporting of the National Bank of Kazakhstan is conducted annually by an auditing organization having experience in auditing the central bank of a state member of the Organization for Economic Cooperation and Development (OECD) or countries of the Commonwealth of Independent States (CIS). Any information obtained during the check is considered confidential, and the auditing organization bears responsibility for its transfer to third parties. The inspection of the activities of the National Bank of Kazakhstan and its organizations by any state bodies is carried out only with the consent or upon the instruction of the President of the Republic of Kazakhstan.

Chapter 13
FINAL PROVISIONS

Article 69. Liquidation of the National Bank of Kazakhstan
The National Bank of Kazakhstan may be liquidated by adopting a corresponding Law of the Republic of Kazakhstan. In the event of liquidation of the National Bank of Kazakhstan, its property is transferred to the successor specified in the corresponding Law.

Article 69-1. General Financial Agreement involving the National Bank of Kazakhstan
The parties to a general financial agreement involving the National Bank of Kazakhstan carry out (apply) set-off of claims and/or liquidation netting for transactions (transactions) within the framework of the general financial agreement in the manner and on the terms determined in the general financial agreement.

Article 70. Powers on Information Interaction
In order to ensure the quality and timeliness of the performance of functions assigned to the National Bank of Kazakhstan, implementation of the requirements of this Law and other laws of the Republic of Kazakhstan, the National Bank of Kazakhstan has the right to receive free of charge from any natural and legal persons, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan, as well as state bodies the necessary information, including information constituting official, commercial, banking and other secrets protected by law. At the same time, the received information shall not be disclosed. The National Bank of Kazakhstan provides the authorized body for regulation, control and supervision of the financial market and financial organizations with administrative data necessary for the implementation of its powers for regulation, control and supervision over the financial market and financial organizations, including information and data constituting official, commercial, banking and other secrets protected by law. Transfer of information is carried out, including by ensuring access of the authorized body for regulation, control and supervision of the financial market and financial organizations to the information systems of the National Bank of Kazakhstan. The National Bank of Kazakhstan, in order to ensure the completeness and quality of information on the financial market and financial organizations used for providing services to state bodies and financial organizations, carries out information exchange with its subsidiary organizations using their own information systems. State bodies, financial and other organizations, their associations (unions), as well as natural persons, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan are obliged to provide upon request of the National Bank of Kazakhstan documents, reporting, including financial, and if necessary, other additional information necessary for the National Bank of Kazakhstan to perform its functions.

Article 70-1. Remuneration for Services Provided by the National Bank of Kazakhstan
The National Bank of Kazakhstan has the right to carry out banking operations and other services on a paid basis. The types and sizes of fees for the services provided by it are determined independently by the National Bank of Kazakhstan.
The National Bank of Kazakhstan does not charge for banking and other services provided to the Government of the Republic of Kazakhstan and the central authorized body for budget execution, except for services for the management of the National Fund of the Republic of Kazakhstan, other funds and organizations. The National Bank of Kazakhstan provides state services to natural and legal persons, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan on a paid basis in cases provided for by normative legal acts of the Republic of Kazakhstan. The size of fees for the state services provided by it is determined by the tax legislation of the Republic of Kazakhstan.

Article 71. Statute of Limitations
The statute of limitations does not apply to claims of the National Bank of Kazakhstan against borrowers for improper performance of credit agreements.

Article 72. Liability of the National Bank of Kazakhstan
The National Bank of Kazakhstan bears responsibility for non-performance of its obligations in the manner established by the laws of the Republic of Kazakhstan.

Article 73. Excluded in accordance with the Law of the RK of 10.07.03 No. 483-II

Article 74. Entry into Force of this Law
This Law enters into force from the day of publication.
President
Republic of Kazakhstan N. NAZARBAYEV

March 30, 1995 No. 2155