Head of National Bank of Kazakhstan thinks it should be independent

ASTANA. March 19. KAZINFORM "Ideally, the National Bank of Kazakhstan should be independent, and there are no 'ifs'," Chairman of the National Bank Grigory Marchenko said during an online conference at forum.profinance.kz website on Tuesday.

"In every country the history of its national bank is different. Some were private and were gradually transformed to be central, preserving their independence in the decision-making process. In other countries such financial institutions were set up on a central level and reported to various government bodies.

However, effectiveness of economy in every country rests upon the stability of its national currency, low rates of inflation and reliability of the banking system. The theory and practice have proved that countries where the central banks are independent enjoy lower rates of inflation. In general, the independent central banks are better and more effective in terms of achieving specific goals," the head of the National Bank of Kazakhstan stated.

"Moreover, such countries as Great Britain, Japan and France have reviewed and adopted new laws on the central banks allowing more independence and power for the banks. I think that the central banks and the governments should join their efforts in the conduction of macroeconomic policy," he stressed.