Kazakhstan has celebrated Financier’s Day. This day is linked to the introduction of the Kazakh national currency – the tenge – into circulation on November 15, 1993. Since then, the tenge has been functioning under the controlled «floating» exchange rate and convertible for current transactions. The National Bank’s own national currency enabled it alongside the Kazakh Government to conduct their own economic, monetary, and exchange rate policy.
Kazakhstan’s financial system occupies an important place among the many economic levers by which the government affects the market economy. It became independent on November 15, 1993 as the country’s national currency was introduced specifically on that day. Financial system is one of the most important economic regulators within the context of market relations.
Timur Issatayev, Chairman of Board of Directors, Kassa Nova Bank JSC:
“The financial system of independent Kazakhstan was practically built from scratch. The country managed to build it in 20 years. This financial system has ridden out the crisis. This financial system provided high rates of growth in the country before the crisis. This financial system still provides good growth rates in Kazakhstan’s economy. It is the largest employer in Kazakhstan. I believe that we have achieved quite a lot.”
The political independence was followed by both economic and financial independence of the country. In 1993, such financial institutions as the Ministry of Finance and the National Bank were created in the shortest time possible on the President’s request and private financial institutions appeared in the country as well. They formed immediately since all of them were ready in political, moral, and intellectual terms. These tasks resulted from the Development Strategy of Kazakhstan as an independent state which was proclaimed by the head of state. It has a special section on the economic and financial system.
Askar Yelemessov, Chairman of Board of Directors, Troika Dialog Kazakhstan JSC:
“Kazakhstan was the 5th largest economy among 30 former socialist bloc countries from Russia to Bulgaria and Macedonia until the collapse of the Soviet Union. During all this time, Kazakhstan has developed very quickly. There was an interesting figure as from 1990 to 2010, total oil production increased by 3 times or 300% in Kazakhstan while during the same period Russia’s total oil production did not increased at all.”
After the collapse of the Soviet Union and a subsequent decay of the ruble zone, the issue of financial independence deteriorated dramatically since it was impossible to conduct an independent policy without the country’s own national currency. A very thorough, complicated and painstaking work on introducing the national currency was conducted under the leadership of Kazakh President. From the date of introducing the currency on November 15, 1993 Kazakhstan began pursuing a truly independent economic, monetary and fiscal policy. It was a perfect start of the Kazakh state’s development.