The National Bank of Kazakhstan has announced the development of a draft resolution proposing changes and additions to several existing decisions related to minimum reserve requirements and reporting by organizations that carry out certain types of banking operations.
Although the document is still at the draft stage, it has already attracted close attention from financial market participants, DKNews.kz reports.
What is set to change
At present, the mechanism of minimum reserve requirements applies only to second-tier banks. These banks are required to hold a portion of attracted funds as reserves, which directly affects their liquidity and the cost of money.
The National Bank now proposes to expand the scope of reserve requirements by including other organizations that have access to the National Bank’s operations. The key objective is to create equal competitive conditions for all participants in the money market.
In practical terms, this is aimed at eliminating a situation where some players operate under stricter regulatory rules while others benefit from easier conditions.
Why the National Bank is doing this
The proposed changes are primarily intended to increase the effectiveness of the interest rate channel of monetary policy. This channel determines how decisions on the base rate and other policy tools are transmitted to the broader economy.
When certain market participants fall outside reserve requirements, this transmission mechanism becomes less effective. By widening the perimeter, the regulator expects monetary policy decisions to have a stronger and more consistent impact.
How this relates to inflation
Lowering inflation and ensuring price stability remain the National Bank’s core objectives. According to the regulator, expanding reserve requirements will help:
- improve liquidity management in the financial market
- strengthen the transmission of interest rate decisions
- enhance the overall impact of monetary policy
- support efforts to curb inflationary pressures
In other words, the measure is designed to make monetary policy tools work more precisely.
What this means for market participants
If the draft resolution is adopted, some organizations with access to National Bank operations may face new reserve and reporting obligations. This could affect their liquidity management, financial planning, and operating models.
At the same time, the regulator expects greater consistency and fairness in market regulation, with more uniform rules applied across participants.
Where to find the details
An informational table outlining the key provisions of the draft resolution has been published on the Open Regulatory Legal Acts portal. The document is open for public discussion, and its final version may be adjusted based on feedback.
What comes next
While the proposal has not yet been finalized, it signals the National Bank’s intention to fine-tune monetary policy tools amid ongoing efforts to reduce inflation and maintain price stability.
For the financial market, this is a clear signal that regulatory conditions may change — and that preparation should begin well in advance.
