Uniform financial regulator of EES member states to be established in Almaty in 2025- Kelimbetov

Date: 09:16, 17-04-2014.

Almaty. April 17. KazTAG - A uniform financial regulator of the member-states of the Uniform Economic Space (EES) will be created in Almaty in 2025, said Kairat Kelimbetov, chairman of the National Bank.

"With our colleagues we agreed to boost harmonization of the financial markets of our states until 2025 and in 2025 we will create a uniform financial regulator in Almaty," he said.

In his words, "when it concerns a uniform financial regulator, first of all, it is an analogue of a European regulator".

"It is a regulator of regulators. An institute which will set the rules of games for the national regulators. It is not a uniform central bank," he said.

"The regulator of regulators will regulate the financial markets. The main function of the central bank - to issue the national currency and conducting monetary-crediting policy- is another thing. In these terms not many things will have changed for the National Bank- a body will appear which will try to harmonize legislation in the field of market services regulation," he said.

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