National Bank of Kazakhstan

What National Bank of Kazakhstan does

The National Bank of Kazakhstan is the country's central bank, established on April 13, 1993 following the reorganization of the National Bank of the Kazakh SSR, and headquartered at 64 Mangilik El Avenue in Astana with a Permanent Representative Office in Almaty. It operates under a statutory mandate of price stability and financial system development, with Governor Timur Suleimenov leading an organization of 1,001-5,000 employees. Its core mandate is implemented through monetary policy under an inflation-targeting regime with a floating exchange rate (in place since 2015, currently targeting 5% medium-term inflation), regulation of banks, insurers, pension funds, and microfinance entities, and management of $125.7B in international reserves plus the National Fund.

The bank's product portfolio spans national payment infrastructure (the БААЖ RTGS system and БКЖ clearing system operated by subsidiary National Payment Corporation), the Digital Tenge CBDC (concept approved 2022, first bank card issued 2023, budget monitoring pilots 2024), a centralized biometric Identification Data Exchange Center with mandatory 95% match threshold using facial recognition and palm-vein authentication, the Anti-Fraud Center for real-time fraud detection, the Forecasting and Policy Analysis System (FPAS) using BVAR and MIDAS econometric models, the SupTech AI program, and a Real Estate Tokenization Platform operating in a regulatory sandbox. It also issues minted gold bars and commemorative coins through the Banknote Factory (1995).

The business model is non-commercial: the bank is wholly state-owned under the Government of Kazakhstan, funded by the state budget rather than user fees, and provides monetary policy, currency issuance, payment infrastructure, and reserve management as public goods. It serves three concentric segments: the Government (primary, for monetary policy and National Fund management), regulated financial institutions (banks, insurers, pension funds requiring access to payment and settlement infrastructure), and citizens and businesses (served through authorized intermediaries using tenge-denominated cards, deposits, and the 7-20-25 mortgage program framework). Distribution is via territorial branches, the National Payment Corporation, authorized intermediaries, the Open Data Repository, and Open API/Open Banking digital channels.

Name

National Bank of Kazakhstan

Legal name

National Bank of Kazakhstan

Website

https://nationalbank.kz

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The National Bank of Kazakhstan is the country's central bank, established in 1993 and headquartered in Astana, executing monetary policy, managing $125.7B in international reserves, operating national payment systems, and serving the Government, regulated financial institutions, and citizens.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (52111), Depository Credit Intermediation (5221), Public Finance Activities (92113)

SIC

Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

International Monetary & Financial Stability Institutions (BPADACAE)

akta.pro secondary industries

Central Bank Reserve Management (FSAAAGAF), Treasury & Cash Management (BPAIAEAB), Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK), Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB)

Keywords

• Central banking services
• Monetary policy implementation
• National payment infrastructure
• Financial system supervision
• Currency issuance operations

Headquarters

HQ city

Sultan

HQ country

Kazakhstan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Distribution channels5 records

Marketing channels5 records

Core offering

The National Bank of Kazakhstan is the state-owned central bank of Kazakhstan that issues the national currency tenge, implements inflation-targeting monetary policy, manages international reserves, supervises banks and other financial institutions, and operates the national payment system infrastructure. It provides monetary policy, payment systems (Interbank Money Transfer System and Interbank Clearing System), currency issuance, financial regulation and supervision, the Digital Tenge central bank digital currency, biometric verification infrastructure, and macroeconomic forecasting services to the Government of Kazakhstan, financial institutions, and the public.

Product overview

National Bank of Kazakhstan operates as the central bank providing core monetary policy, financial stability, currency regulation, payment systems, national currency, and digital asset services. The product portfolio includes: Digital Tenge (CBDC) as the third form of money; national payment infrastructure comprising the Interbank Money Transfer System (БААЖ) and Interbank Clearing System (БКЖ); biometric verification systems (facial recognition and palm-vein) through the Identification Data Exchange Center; Anti-Fraud Center for real-time transaction monitoring; Forecasting and Policy Analysis System (FPAS) for macroeconomic projections; SupTech program with AI document analysis and autonomous agent transaction monitoring; Digital Asset Investment Management platform for crypto-related investments; Regulatory Sandbox for digital financial asset innovation; Real Estate Tokenization pilot on blockchain; and physical products including minted gold bars and collection coins. The bank also maintains the Open Data Repository and Open API/Open Banking infrastructure for financial sector connectivity. Strategic 2026 roadmap includes Specialized AI Agent Platform, Digital Asset Market Platform, and Unified AI Ecosystem for Central Asian integration.

Differentiator

Problem solved

Functional benefit

Products and services

• Digital Tenge Central Bank Digital Currency (CBDC) - a third form of money alongside cash and non-cash, issued by the National Bank of Kazakhstan, combining properties of traditional money and enabling efficient domestic and international payments.
• Open API / Open Banking Digital financial infrastructure enabling API connectivity and data exchange between financial institutions in Kazakhstan, supporting open banking standards and the broader digital financial ecosystem.
• Biometric Verification System Facial recognition and palm-vein biometric authentication system for banking services, with live biometric samples compared against reference templates stored in the National Bank's Identification Data Exchange Center at a mandatory 95% match threshold.
• National Bank Identification Data Exchange Center Centralized biometric data exchange infrastructure supporting facial recognition and palm-vein biometric verification across banking services for identity authentication, operated by the National Payment Corporation.
• Interbank Money Transfer System (БААЖ) Real-time gross settlement (RTGS) system managing the most critical and priority interbank payments in Kazakhstan, operating from 9:00 to 20:00 with same-day final settlement in national currency.
• Interbank Clearing System (БКЖ) Net-based clearing system for lower-value retail payments with a maximum transaction limit of 5 million tenge per transaction, with results settled through the БААЖ.
• Anti-Fraud Center Real-time fraud detection and transaction blocking center for financial institutions with a unified database, providing open APIs, business process automation, and AI-enabled suspicious transaction identification.
• Forecasting and Policy Analysis System (FPAS) Macroeconomic forecasting and analysis system supporting monetary policy decisions using econometric models including BVAR, MIDAS, and dynamic factor models for short-term inflation forecasting and medium-term projections, with quarterly forecasting rounds.
• Minted Gold Bars Investment-grade gold bars sold at National Bank branches for gold reserve diversification and investment purposes, with corresponding accounts available for physical storage.
• Collection Coins Commemorative and investment coins in precious and base metals (gold, silver, platinum), including special series such as 'Saka Style', 'КӨКБӨРІ', 'ҰҚI', with digital gold coin variants available through the Kazcoins internet store.
• Open Data Repository Public data portal providing access to Kazakhstan's financial, monetary, and statistical information for research and analysis purposes, supporting open data accessibility across the financial sector.

Quantifiable outcome

• Digital transactions share increased from 7% in 2014 to 89% in 2024, with per capita digital transaction value growing from $20 to $13,800
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability8 records

Feature9 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Bank of Russia (Russian Central Bank)coreStrategic or Co-development Partner · 28 May 2026The National Bank of Kazakhstan and the Bank of Russia signed a ruble-tenge currency swap agreement in Astana on May 28, 2026, during President Putin's visit. The agreement, signed by NBK Governor Timur Suleimenov and Bank of Russia Governor Elvira Nabiullina, aims to facilitate bilateral trade and economic stability between the two neighboring countries.
• Rosatom (Russia's State Nuclear Corporation)coreStrategic or Co-development Partner · 28 May 2026Russia's state-run Rosatom will build Kazakhstan's first nuclear power plant, with Russia committing to finance the $16.4–16.5 billion project estimated for completion by 2034–2036. The agreement deepens energy and economic integration between the two countries and was signed during President Putin's visit to Astana in May 2026.
• National Investment Corporation (NIC)coreOthers · 6 March 2026The National Investment Corporation, a subsidiary of the National Bank of Kazakhstan, has been designated as the fund manager for Kazakhstan's crypto investment portfolio. The NIC will manage the $350 million allocation from gold and FX reserves into cryptocurrency infrastructure companies and digital asset-related financial instruments, with additional plans to incorporate confiscated digital assets from law enforcement seizures.
• State Bank of Vietnam (Ngân hàng Nhà nước Việt Nam)minorStrategic or Co-development Partner · 3 February 2026During a Vietnamese Government delegation's working visit to Kazakhstan (February 1–3, 2026), National Bank Governor Timur Suleimenov met with Vietnam's Permanent Deputy Prime Minister Nguyen Hoa Binh to discuss strengthening financial and monetary cooperation. A new memorandum of understanding expanding cooperation into fintech and international financial centres is being negotiated, replacing the 2012 agreement.
• International Monetary Fund (IMF)coreStrategic or Co-development PartnerThe IMF conducts regular Article IV consultations with Kazakhstan and published a concluding statement following its mission to Kazakhstan in June 2026. The IMF supports Kazakhstan's macroeconomic stability through surveillance, policy advice, and assessment of the country's economic and financial sector developments.
• World Bank GroupcoreStrategic or Co-development PartnerThe World Bank provides economic forecasts, development data, and analytical support used by the National Bank in its forecasting and policy analysis systems. World Bank data feeds into Kazakhstan's macroeconomic modeling and quarterly forecasting rounds.
• FATF (Financial Action Task Force)coreStrategic or Co-development PartnerThe National Bank ensures Kazakhstan's compliance with FATF standards on anti-money laundering (AML) and counter-terrorist financing (CFT). Kazakhstan adheres to FATF recommendations including enhanced monitoring for electronic money, virtual currencies, exchange operations, and correspondent banking relationships.
• EAEU (Eurasian Economic Union) — Member State CooperationcoreStrategic or Co-development PartnerKazakhstan participates in EAEU integration cooperation on financial markets, coordinating currency regulation, foreign exchange operations, and banking supervision with Russia, Belarus, Armenia, and Kyrgyzstan. The National Bank develops unified approaches to AML/CFT regulations and currency control within the EAEU framework.
• WTO (World Trade Organization)coreStrategic or Co-development PartnerKazakhstan has undertaken commitments under WTO agreements not to impose restrictions on current account transactions and payments for trade in goods and services, with the National Bank monitoring compliance with these obligations.
• UN (United Nations)minorStrategic or Co-development PartnerCooperation with the United Nations involves commitments not to impose restrictions on current international payments and transfers, and monitoring of Kazakhstan's compliance with the Enhanced Partnership and Cooperation Agreement with the EU and its member states.

Scale indicators15 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bank of Russia: The Bank of Russia is the most direct comparable: an EAEU peer central bank that has signed a ruble-tenge currency swap with NBK, shares AML/CFT coordination frameworks, and faces similar high-inflation, sanctions-exposed operating conditions in a commodity-dependent economy.
• National Bank of the Republic of Belarus: The National Bank of Belarus is the other EAEU member-state central bank coordinating currency regulation, FX operations, and banking supervision with Kazakhstan. It offers direct comparability on EAEU integration, sanctions exposure, and ruble-anchored monetary frameworks.
• Central Bank of the Republic of Türkiye: The CBRT is the closest non-EAEU comparable: an emerging-market central bank running a high-inflation, high-policy-rate regime (peak ~50%) with reserve management, gold accumulation, and a floating exchange rate — a direct model for what NBK's policy challenges look like at a larger scale.

Regional players

• National Bank of the Kyrgyz Republic: The National Bank of the Kyrgyz Republic is a Central Asian peer central bank that is a target customer for NBK's planned Unified AI Ecosystem and Specialized AI Agent Platform (2026 roadmap), and a direct regional comparable on inflation targeting, FX regime, and gold reserve policy.

Broad incumbents

• People's Bank of China: The PBoC is the global CBDC pioneer (digital yuan/e-CNY) and a benchmark for retail CBDC rollout, biometric authentication, and cross-border CBDC interoperability — all areas where NBK's Digital Tenge is being designed to integrate.
• Reserve Bank of India: The RBI is a large emerging-market central bank with a comparable inflation-targeting framework, a digital rupee CBDC pilot, and an open-banking/Account Aggregator ecosystem — useful comparable for NBK's Digital Tenge and Open API strategy.
• Central Bank of Brazil: The Banco Central do Brasil is an emerging-market central bank running one of the world's most aggressive rate-tightening cycles (peak ~13.75%) and a successful Drex CBDC pilot — directly comparable to NBK on both inflation dynamics and CBDC execution.
• Bank of England: The Bank of England is a mature inflation-targeting central bank with a research-driven forecasting system (analogous to NBK's FPAS), gold and FX reserve management, and macroprudential oversight — a benchmark for what NBK's institutional design aspires to.

Emerging players

• Bank of Ghana: Bank of Ghana is one of the few emerging-market central banks with a live retail CBDC (e-Cedi) and a similar high-inflation, gold-purchasing posture — directly comparable to NBK on CBDC rollout stage and emerging-market monetary policy.
• Bank of Thailand: The Bank of Thailand's Project Inthanon was a pioneering wholesale CBDC pilot and the basis for many cross-border CBDC experiments — a useful comparable for NBK's planned cross-border Digital Tenge settlement and tokenization initiatives.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/nationalbank_kz
• TikToktiktok.com/@prosto_finansy

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about National Bank of Kazakhstan