The National Bank of Kazakhstan has decided to keep the base rate at 14.25% per annum with a corridor of +/- 1 percentage point. This decision is related to the ongoing decline in inflation, but monthly inflation remains above the historical average. External risks include rising food prices and high inflation in Russia.

Tight monetary measures are needed to achieve the goal of reducing inflation to 5% in the medium term. The next decision on the base rate will be announced on November 29, 2024.

Scroll through the carousel and learn about the 5 most useful Kazakhstani books for accountants!

From January 1, 2025, new rules for public procurement, approved by the order of the Minister of Finance of the Republic of Kazakhstan, will come into force. These changes are aimed at increasing transparency and optimizing the public procurement process.

Key innovations include procurement planning, selection of organizers, qualification requirements for suppliers and a mechanism for determining dumping. Rules for holding competitions, auctions and purchases through online stores are also introduced.

The order was signed on October 9, 2024 and comes into force at the beginning of next year.

The National Certification Authority of the Republic of Kazakhstan informs that from October 12, 2024, the procedure for delegating authority to confirm applications and revoke electronic digital signature (EDS) keys for legal entities has been changed.

Now the first head of the organization can delegate authority to a specific employee with valid EDS keys through the personal account of the NCA of the Republic of Kazakhstan.

To do this, go to the "Delegation of Rights" menu, select the "Employee with Signing Authority" template and specify the employee's IIN.

Amendments are being prepared in Kazakhstan to simplify the conditions for opening foreign banks. Madina Abylkasymova, head of the Agency for Regulation and Development of the Financial Market, announced this at a meeting of the Majilis. The amendments will reduce the list of documents for banks with a high rating and reduce asset requirements for branches. It is also planned to expand the permitted types of activities for foreign banks, including foreign exchange transactions and issuing payment cards. The changes are aimed at attracting foreign banks and increasing competition in the sector.

The National Bank of the Republic of Kazakhstan has prepared a draft resolution on amendments to the accounting rules. The main objective of the draft is to improve the accounting of transactions with insurance contracts and make editorial amendments to regulations. In connection with the entry into force of IFRS 17 from January 1, 2023, the Accounting Instructions for insurance and reinsurance organizations, mutual insurance companies and branches of non-residents of the Republic of Kazakhstan were updated. Amendments were also made to the documents approved by the resolutions of the Board of the National Bank, including the accounting rules and the standard chart of accounts for insurance companies. The changes will come into force after the approval of the draft. Public discussion of the draft is open until November 1, 2024 on the egov.kz portal.