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It is hard to find any successful reform in Kazakh finance that doesn’t have Grigory Marchenko’s mark on it.
His first chance to change the structure of Kazakhstan’s post-Soviet economy came in 1995 when, as deputy central bank governor, he was tasked with leading reform of the country’s new chaotic banking sector.
Initially, a proposed new banking law – based on Basel I methodology – met with stiff resistance from Kazakh bankers.
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