OREANDA-NEWS. July 24, 2014. Prime Minister Karim Massimov has chaired a cabinet, where the Chairman of the National Bank of Kazakhstan Kairat Kelimbetov presented a draft Concept of financial sector development of Kazakhstan until 2030 in Ukimet Uyi.

According to K. Kelimbetov, the main objective of the Concept is to create a competitive financial sector and improve its efficiency in redistribution of resources in the economy based on the best international standards, including the Organization for Economic Cooperation and Development (OECD).

"The lessons that we had learnt as a result of the global financial crisis and the financial crisis in Kazakhstan in 2007-2011 had a great influence on development of this document," K. Kelimbetov said.

Draft Concept provides for implementation of a number of problems, in particular, reducing expenditures of society and state to maintain stability of the financial system in the event of potential shocks; to improve the competitiveness of the financial sector in terms of economic integration; to improve infrastructure and to create optimal conditions for the qualitative development of the financial system and others.

The National Bank plans to increase requirements for the minimum owned capital of banks from the current 10 billion tenge to 100 billion tenge from January 1, 2016 to strengthen natural consolidation of the banking sector. Banks that do not meet this requirement will be able to continue to function; however, they are to be limited to the maximum amount of individual deposits.

In addition, there are such topical social issues as improving financial literacy, development of payment service infrastructure, increasing market discipline on the part of financial institutions, development of the institute of public-private partnership, etc.

One of the areas of development, which will improve the stability of financial system in the effective absorption of shocks, is the gradual introduction of international standards of Basel II and III in terms of capital adequacy, liquidity and financial leverage, as well as risk management.