National Bank of Kazakhstan needs to be given more powers, Nazarbayev says

President of Kazakhstan Nursultan Nazarbayev called for the expansion of powers of the National Bank.

"Time has shown that the National Bank as a regulator needs to work in a preventive regime," he said, speaking at a joint session of the parliament chambers. "Therefore, it should be given legislatively more opportunities to control banks," the head of state said.

Nazarbayev recalled the financial problems that had arosen earlier with BTA Bank. The state had to pour money into this credit organization to prevent its bankruptcy.