New banking bill to boost competition in Kazakhstan
During a plenary session, the Majilis approved a new bill for consideration. Tatyana Savelyeva, Chairperson of the Finance and Budget Committee, presented the draft Law “On banks and banking activities in the Republic of Kazakhstan,” along with accompanying amendments on the regulation and development of the financial market, Kazinform News Agency reports.
"The draft law aims to improve the general provisions of banking activities, including the goals, objectives, and principles of regulation and corporate governance," she said. "This will create a unified and effective foundation for the entire banking sector."
According to Savelyeva, one of the bill's key initiatives is the introduction of a basic banking license. This is expected to simplify the process for new banks to enter the market, increase competition, and positively impact lending to businesses.
Additionally, the bill raises professional standards for executives of financial organizations to ensure that only well-qualified and trustworthy specialists are appointed to leadership roles.
It should be noted that several new bills have been submitted to the Majilis today, and the specialized committees have begun work on them. They include:
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On banks and banking activities with accompanying amendments on the regulation and development of the financial market.
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On the ratification of treaties with Peru on the extradition, on the transfer of convicted persons, and on mutual legal assistance in criminal cases
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On the ratification of the Asia-Pacific Regional Convention on the Recognition of Qualifications in Higher Education
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On the ratification of the Protocol on Water and Health to the 1992 Convention on the Protection and Use of Transboundary Watercourses and International Lakes.
Earlier, Kazinform reported that a geological reform bill will be submitted to Majilis this month.