The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

A central banking success story

Grigori Marchenko, governor of the National Bank of Kazakhstan, talks to Euromoney’s Guy Norton about how the Kazakh banking sector became a model for its neighbours and his plans for the future.

Grigori Marchenko: banking success
was not a magic formula.

The Kazakh banking sector is widely regarded as  the best in the Commonwealth of Independent States. How has this reputation been established?

There was no magic formula, it was simply a case of following international best practice as laid down by the Basle Committee of the Bank for International Settlements. That was the best thing to do for a small, open economy like Kazakhstan's - we're not a China or a Brazil which can produce its own economic model. We're a huge country size-wise, but with a small population. As a transit economy it's important to be open to stick to international standards.

Since independence the governors of the National Bank of Kazakhstan may have changed but the policy of the bank has remained consistent - namely ensuring that the necessary legislation has been put in place to ensure a strong, robust financial services sector.

We haven't reinvented the wheel, just insisted on the highest possible international standards. We've been able to implement these thanks to the strong backing of the president.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree