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Kazakhstan changes central bank governor

17 november 2015, 17:33
0
Daniyar Akishev ©Yaroslav Radlovsky
Daniyar Akishev ©Yaroslav Radlovsky

Kairat Kelimbetov has left his post of Kazakhstan central bank governor. Acting Aide to the President and the chief of the Social and Economic Monitoring Department at the Presidential Administration Daniyar Akishev has took over the office, Tengrinews reports.

On November 2, Kazakhstan’s President announced the decision to relieve Kairat Kelimbetov of his duties and thereby appealed to Senate, the upper chamber of Kazakhstan’s Parliament, to endorse the appointment of Daniyar Akishev as National Bank Governor in accordance with paragraph 4 of Article 44 and sub-paragraph 2 of Article 55 of the Constitution of Kazakhstan that requires Senate’s approval for the appoinment.

Nazarbayev marked his vast experience and expertise. “He graduated from the Kazakh State Management Academy with honors. He worked at the National Bank for more than 18 years and seven of them as the deputy chairman. Currently, he works in the Presidential Administration. He thoroughly studied the economic issues and the state of affairs in our country," the President said.

The National Bank is a crucial part of public finance management system, and public trust in the bank and the national currency tenge is low, Nazarbayev said. “Today, trust in the Bank and our national currency tenge is low. There is a deficit of tenge liquidity in the country. Volume of lending operations is decreasing. These are bad indicators and we need to work to fix it. I am sure that education and experience of Mr. Akishev will help him accomplish this task. I am addressing the Senate of the Parliament with a request to support my decision for the good of the financial system," Nazarbayev said appealing to Senators.

The country’s economy is influenced by a number of factors, including plummeting prices for Kazakhstan's main export commodities - oil and metals, global geopolitical slowdown and deteriorating economic situation in China and Russia, Kazakhstan’s largest neighbors and key trade partners. 

“We will overcome all these challenges. We have the necessary opportunities and plans to achieve this. State debt of Kazakhstan is low. We have reserves amounting to 40 percent of our GDP, and if we use them effectively, we will be able to continue developing the economy and prevent the social well-being of the population from deteriorating. Our ongoing industrialization and infrastructure program Nurly Zhol is aimed at reducing the pressure from negative external factors. Once again I urge all large industrial enterprises to abstain from cutting jobs,” Nazarbayev concluded.  

Later that day, Kazakhstan’s Senate held a plenary meeting. Head of the Presidential Administration Nurlan Nigmatullin took part in the session.

Senators eventually approved the appointment of Daniyar Akishev as the new leader of the country’s main financial regulator. “Today, President of Kazakhstan signed a decree dismissing National Bank Governor Kairat Kelimbetov. (...) Daniyar Akishev has worked at the National Bank for several years. He has recently served as president’s aide,” Nigmatullin said during the meeting. Senators agreed that Akishev was a true professional in the field of budget and finance.

Senators congratulating Akishev on the appointment. ©Turar Kazangapov

Senators congratulating Akishev on the appointment. ©Turar Kazangapov

Born in 1976, Daniyar Akishev held various ranking positions throughout his career, including that of Deputy Director of the Research and Statistic Analysis Department of the National Bank of Kazakhstan (2002-2003), Deputy Chairman of the National Bank (2007-2014), the Chief of the Department of Social and Economic Monitoring of the Presidential Administration of Kazakhstan (from 2014).

Reporting by Assemgul Kassenova, writing by Assel Satubaldina, editing by Tatyana Kuzmina


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