National Bank Held a Meeting of the Financial Stability Council of the Republic of Kazakhstan
A regular meeting of the Financial Stability Council (hereinafter referred to as the Council) took place under the chairmanship of Timur Suleimenov, Governor of the National Bank of the Republic of Kazakhstan.
Participants in the Council meeting included Nurlan Baibazarov, Assistant to the President of the Republic of Kazakhstan for Economic Affairs; Madina Abylkassymova, Chairperson of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan; Madi Takiyev, Minister of Finance of the Republic of Kazakhstan; and Renat Bekturov, Governor of the Astana International Financial Centre (AIFC).
The Council addressed the issue of further enhancement of the financial safety net[1], specifically regarding the improvement of financial institutions’ resolution mechanisms under the new Banking Law. Focus was made on operational readiness of public authorities as participants of the financial safety net to respond to internal and external challenges.
The Council supported measures to further enhance coordination within the financial safety net and recommended conducting a practical exercise to test the mechanism for interagency crisis response coordination.
Furthermore, a detailed discussion covered current issues concerning the interaction between the general jurisdiction and the AIFC jurisdiction, including both regulatory and fiscal aspects.
The Council will continue its efforts to discuss current questions in the financial sector to help ensure financial stability.
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[1] A "financial safety net" is a standard broadly accepted term used in the international practice to describe a system that involves coordination of government authorities, their tools and mechanisms, all designed to maintain financial stability of the country.
