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.

CEE architects of transition: Grigory Marchenko

Grigory Marchenko served two terms as governor of Kazakhstan’s central bank – from October 1999 to January 2004 and from January 2009 to October 2013. He was chairman of the board of Halyk Bank from 2005 to 2009. He retired in 2013 and divides his time between Barcelona, Baku and Almaty.



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. “The heads of the large and mid-sized banks came to us and said: ‘Why don’t you just close all the banks and reintroduce the old system with state-owned banks because there is no way we can operate under this level of regulation’,” says Marchenko. 

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.


Unlimited access to and

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


Unlimited access to and, 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


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