Grigoriy Marchenko

Kazakhstan National Fund (NFRK) is a stabilization fund which aims to insulate the economy of the Republic of Kazakhstan from price swings of oil, gas and metals. Created in 2000, the Fund is modeled on Norway's Government Petroleum Fund and is derived primarily from corporate income tax, excess profit tax, royalties, VAT and PSA charges and bonuses levied against oil firms and mining and metallurgy firms. Extra revenues are transferred to the NFRK when prices exceed reference prices for oil and some minerals. The money is theoretically available to make up government budget deficits or reduce taxes but is primarily intended for investment overseas, as a way of diversification and hedging against oil price instability. The National Bank of the Republic of Kazakhstan serves as trustee of the Fund, investing the Fund, including entrusting part of the Fund to external managers selected through competitive bidding, developing and approving investments transactions regulations and monitoring the Fund's assets. The money is controlled by the Managing Council of the Fund, chaired by the President of Kazakhstan, who also selects the board.

National Bank of Kazakhstan (NBK) was established in 1993 with the adoption of the law reorganizing the Kazakh Republican bank and the USSR's Gosbank into the National Bank of Kazakhstan. The central bank of Kazakhstan, NBK is the top tier of the country's banking system. The bank is accountable to the President of Kazakhstan and within its legal authority acts independently. Based in Almaty, NBK serves as trustee of the Kazakhstan National Fund, a stabilization fund established in 2000 with the aim of insulating the economy of the Republic of Kazakhstan from price swings of oil, gas and metals. The bank coordinates their activities with the government of Kazakhstan, aiming to ensure the stability of prices in the Republic of Kazakhstan by developing and implementing the state's monetary policy, supporting payment system functioning, implementing foreign exchange regulation and foreign exchange control and providing assistance to maintain the financial system's stability.

The National Bank of Kazakhstan (Investment Management) (NBK-IM) is the investment management division of State-owned National Bank of Kazakhstan, is the central bank of Kazakhstan. The firm was founded in 1993 when the Kazakh Republican Bank (Gosbank) was reorganized to become the central bank of Kazakhstan. Headquartered in Astana, NBK-IM aims to ensure the stability of prices in the Republic of Kazakhstan by developing and implementing monetary policy, supporting payment system functioning, implementing foreign exchange regulation and foreign exchange control, promoting financial systems stability, developing financial markets and organizations and ensuring an adequate level of protection of the rights and legitimate interests of consumers of financial services.