Экономические науки/ Банки и банковская система
Маер О.И.
Университет международного бизнеса, Казахстан
Institutional structure and legal regulation of major credit financial
institutions in the Republic of Kazakhstan
Due to recent
developments on the global financial arena, many economists are beginning to
believe that perhaps it is the qualitative structure of the credit system of
the state that may be the one pillar on which it is possible to develop the
real sector. And this support must be formed by the normative-legal regulation
of activity of the leading lending institutions with regular monitoring of
their financial condition that should satisfy the needs of the global credit
infrastructure.
Institutional
structure of the credit system of the Republic of Kazakhstan can be subject to
the following sectoral breakdown:
1) First, and probably the largest segment is the republic banking sector,
which includes the National Bank of Kazakhstan, the second-tier banks
(commercial banks, organizations engaged in certain types of banking
transactions (mortgage companies, credit unions, leasing companies, pawnshops,
etc.) as well as other organizations and financial sector credit (microcredit
governmental organizations, credit bureaus, etc.).
2) The second volume in the credit system is taken by insurance market of
the Republic of Kazakhstan, which includes insurance and reinsurance
organizations.
3) And third, but not the least in the significance of their work is the
pension funds system: pension funds, organizations engaged in the investment
management of pension assets.
Theoretically,
most often the structure of the credit system of the state are the two
interrelated and interdependent subsystems: the banking and para-banking, each
with its elements, authorities responsible for management activities, its legal
framework, and spectrum performed in the financial sphere of the functions and
tasks for the formation and direction of movement of financial flows,
accumulating temporarily surplus funds and stimulating economic entities and
population.
In
its most general form, according to the above standard described in the theory
of the structure of Kazakhstan's credit system can be represented schematically
in Figure 1:
Figure
1 - Structure of the credit system of the Republic of Kazakhstan
The legal basis
for the functioning of the credit system is based on the Code of the Republic
of Kazakhstan, in which laws and regulations for each segment of the financial
sector are concentrated and systematized.
Fundamental Laws
of the Republic of Kazakhstan, handling relations between the parties of
financial and credit system are the following:
1) The Law “On the National Bank of the Republic of Kazakhstan”, which
defines the objectives, principles, legal status and powers of the National
Bank.
2) The Law “On Banks and Banking in the Republic of Kazakhstan”, defining
the legal status, establishment, licensing, regulation and termination of the
banks and institutions performing certain types of banking opera.
3) The Law “On State Regulation and Supervision of Financial Market and
Financial Organizations,” regulates social relations arising from the
implementation of state regulation and supervision of financial markets and
financial institutions.
4) The Law “On pension provision in the Republic of Kazakhstan” defines the
legal and right social foundations of pensions of citizens in the Republic of
Kazakhstan, regulates the participation of state bodies, legal entities and
individuals, regardless of ownership, in realization of the constitutional
rights of citizens for pension benefits.
5) The Law “On insurance activity”, which determines the provisions for the
implementation of insurance as a form of entrepreneurial activity, especially
the creation, licensing, regulation and termination of insurance (reinsurance)
by companies and insurance brokers.
6) The Law “On licensing”, which regulates the licensing of certain
activities, and establishing a comprehensive list of licensed activities and
sub-activities, and other laws of the Republic of Kazakhstan.
The
above legislation and other normative acts in the functioning of credit and
financial institutions constitute the Financial activities “constitution” of
the major financial market participants.
The
modern banking system of Kazakhstan has developed as a result of various transformations
carried out within the framework of the banking reform, which was launched in
1987.
The transitional
period during which old and new banking institutions coexisted, was
comparatively short. As a result, the Republic has developed a two-tier banking
system, the first level is represented by the National Bank, and the second or
lower level form government, commercial, cooperative and foreign banks.
National Bank of
Kazakhstan is the country's central bank and is the top level two-tier banking
system of Kazakhstan. Structure of the National Bank is shown in Fig. 2, below.
The structure
shown in Figure 2, can undergo changes as part of administrative reforms. The
Administrative Board ensures the participation of the President Administration
and the Government in the development and approval of the monetary policy of
the National Bank.
The National Bank
is the main bank in Kazakhstan and is owned by the by the state. On the one
hand, it is a legal entity exercising certain civil transactions with commercial
banks and the state. On the other hand, it also has broad authority to manage
the authoritative monetary system of the republic, which are enshrined by the
Law “On National Bank of the Republic of Kazakhstan”.
Figure
2 - Structure of the National Bank of Kazakhstan
In recent years
special attention to the structure of the credit system of paying sector
organizations engaged in certain types of banking operations. Today the
organization, carrying out certain banking operations - is a legal person other
than a bank, which is authorized to conduct certain banking transactions by a
licensed authorized body and (or) the National Bank or pursuant to a law of the
Republic of Kazakhstan. At the same time the law stipulates that a legal entity
established in any legal form, with the exception of the production cooperative
and not being a Bank, may obtain a license for individual types of banking and
other operations, and will be referred to as a provider of certain types of
banking or a non-bank entity.
The main types of
organizations conducting certain banking operations are presented in Fig. 3.
Figure 3 - The main
types of non-banks
It should be
noted that non-banks legislative organizations are prohibited to engage in
certain types of banking transactions such as deposits, opening and maintaining
bank accounts of legal entities and individuals, opening and maintenance of
metal accounts of individuals and entities that are reflected in the physical
quantity of refined precious metals and coins made of precious metals belonging
to the person, except for cases preamplifier of the legislation of the Republic
of Kazakhstan. These transactions can only be carried out by second-tier banks
in our country.
And, of course,
one of the leading positions in the banking sector of the country is occupied
by commercial banks (commercial banks). Among the commercial banks of
Kazakhstan there are 39 STB, 1 of which is represented by 100% state
participation. Today we can say that Kazakhstan's banking sector has seen
better days, but the statistics in recent months gives us confidence in the
improvement of financial stability and profitability of the sector.
In summary, it
should be noted that the institutional structure of the credit system of the
Republic of Kazakhstan is still undergoing significant changes, introducing new
laws to ensure the stability of the credit sector of the country, new rules,
transforming sectoral breakdown of the system, continuing its development in
conformation with the world demands.
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