The Current State of the Monetary Sphere of Kazakhstan, Kyrgyzstan, Tajikistan within the Framework of Changes in the Legislation

  • Malik Rsbaevich MUKANOV Academy of Law Enforcement Agencies under the General Prosecutor’s Office of the Republic of Kazakhstan, Kazakhstan
  • Ernar Nurlanovich BEGALIEV Academy of Law Enforcement Agencies under the General Prosecutor’s Office of the Republic of Kazakhstan, Kazakhstan

Abstract

The article discusses the current state of the monetary – credit sphere in the former states of the Soviet Union. The authors note that, the collapse of the Soviet Union in 1991, which led to the defragmentation of the monetary system, is an important event in the formation of the financial sector in Central Asia. The single monetary and financial system, which was adapted to the conditions of the planned economy, had started rapidly falling apart. The result was a break of the traditionally existing economic ties.


It is important to note that the monetary policy has a direct impact on the major macro-economic indicators such as GDP, employment and the level of prices. It is thus important to have a solid legal base. The accelerated formation of national monetary systems in Central Asian states has required the creation of genuinely independent emission center as the Central Banks of Central Asia. Since 1994, Central Asian governments have begun to carry out macroeconomic regulation, mutual settlement in the economy and emission activity.


The next step was a reform of the banking system in Central Asia. At the beginning of the independence of the Central Asian states a legal framework was created and a transition was made to a two-tier banking system. According to the adopted laws in the countries of Central Asia, a two-tier banking system was formed, where the upper level was represented by the State Bank of the region (with emission rights), and the bottom were - commercial and government specialized. Creating second tier banks was a response to the needs of the Central Asian countries.

References

[1] Aliyev, M.M. 2005. Economic trafficking: concept, types, responsibility. Tutorial. Astana.
[2] Amanzholova, B.A. 2011. On the question of the definition of the concepts of intentional and false bankruptcy. Herald of the Ministry of Internal Affairs of Kazakhstan Karaganda academy, 3.
[3] Atabaev, N.U. 2012. Features of monetary policy in the transition economies. Vestn. Kazah. gumanit.-jurid. Univ, 1.
[4] Audretsch, D.B. 1998. Industrial Organization and The New Industrial Policy. London, Centre for Economic Policy Research. Discussion Paper Series: 51.
[5] Bankman, J., Griffith, T., Pratt, K. 2002. Federal Income Taxation. N.Y.: Aspen Publishers.
[6] Bektenova, D.Ch. 2014. Vliyanie monetary policy gosudvrstva on the economic development of the Kyrgyz Republic. Bishkek: Publishing house KRSU: 170.
[7] Burlachkov, V.K. 2015. Monetary policy is the Bank of Russia in 2016-2018 gg. Banking: 11.
[8] Collection of analytical Internet resource materials. The experience of crisis management in the banking sector of the CIS countries, Central and Eastern Europe. www.asros.ru/public/elfinder/files/pages/docs/sbornik_anflitich_mat.doc (accessed 17.10.2018).
[9] Decision of the Board of the National Bank of Kazakhstan No. 246. June 30, 1997.
[10] Ganiyev, S. 2008. Kırgızistan'da Enflasyon Dinamikleri 1998-2006. KTMÜ Sosyal Bilimler Dergisi, 20, 33-43.
[11] Golovnin, M.Y. 2010. Monetary policy in Russia and the countries of Central and Eastern Europe in the context of globalization. Moscow. www.imepi-eurasia.ru/baner/Avtoreferat-Golovnin.doc (accessed 17.10.2018).
[12] Gürgen, E., Snoek, H., Craig, J., McHugh, J., Izvorski, I., Rooden, R. van. 1999. Economic Reforms in Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan. IMF Publications. Occasional Paper No. 183. Washington DC, USA.
[13] Koychueva, T.K. 2003. The economy of the Kyrgyz Republic: studies. Manual. Bishkek: Publishing house KTUM: 487.
[14] Krueger, A.O. 1997. Trade Police and Economic Development: How We Learn. National Bureau of Economic Research, Working Paper No. 5896.
[15] Law of the Government of the Kyrgyz Republic No. 2922. June 8, 1998. On restructuring of the debt to the National Bank SIC.
[16] Law of the Republic of Kazakhstan No. 2125. March 30, 1995. On the National Bank of the Republic of Kazakhstan. http://www.nationalbank.kz/?docid=41&switch=russian (accessed 17.10.2018).
[17] Law of the Republic of Kazakhstan No. 2444. August 31, 1995. On banks and banking activity in the Republic of Kazakhstan.
[18] Law of the Republic of Tajikistan on the National Bank. 2011. http://www.pipaa.tj/public/userfiles/SWT/New/Library/RUS/Z_nbt.pdf (accessed 17.10.2018).
[19] Law of the Republic of Tajikistan. 2002. On banks and banking activity.
[20] Manevitch, V.E., Bukin, I.S. 2013. The macroeconomic situation and monetary and fiscal policy in Russia. Moscow: Institute of Economics, Russian Academy of Sciences: 56.
[21] Monetary policy of the Republic of Kazakhstan till 2020. 2015. Resolution of the Board of the National Bank of the Republic of Kazakhstan ‘24’ No. 67 with the additions of ‘17’, 122. http://www.nationalbank.kz/cont/publish305261_28968.pdf (accessed 17.10.2018).
[22] Moses, M.R. 2011. Monetary Policy: Theory and Practice. 2nd ed., Rev. and ext. Moscow: 784.
[23] Provision ‘About the credit’ overnight ‘of National Bank’, the post. December 24, 2004. NBKR Board No. 34/4.
[24] Rahmetov, S.M. 2012. On the system of crimes in the sphere of economic activity under the criminal legislation of the Republic of Kazakhstan. Bulletin of the Financial Police Academy, 4(20).
[25] Regulation ‘On Reserve Requirements’, the post. August 27, 2004. NBKR Board No. 22/4.
[26] Regulation ‘On the procedure for holding an auction for the sale of state treasury bills’, the post. March 25, 1999. NBKR Board No. 20/1 with amendments approved post NBKR Board No. 62/2.
[27] Resolution of the Board of the National Bank of Kazakhstan No. 359. December 31, 1998. Placement rules, circulation and redemption of short-term foreign currency notes of the National Bank of Kazakhstan.
[28] Resolution of the Board of the National Bank of Kazakhstan No. 402. November 27, 1997. On the rates of remuneration (interest) on operations of the National Bank of Kazakhstan.
[29] Resolution of the Government of the Kyrgyz Republic No.396. June 21, 2002. On the settlement of financial relations between the Government and the National Bank of the Kyrgyz Republic.
[30] Seythozhin, B.U. 2007. Crimes in the economic sphere: concept, types, responsibility. Almaty Zheti Zhargy.
[31] Smith, A. 1998. An Inquiry into the Nature and Causes of the Wealth of Nations. A Selected. Edited with an introduction and Notes by Kathrin Sutherland. Oxford University Press: 618.
[32] The Law on Banks and Banking No. 60. July 29, 1997.
[33] The Law on the National Bank of the Kyrgyz Republic No. 59. July 29, 1997.
[34] The position of the National Bank of the Republic of Kazakhstan No. 340. December 31, 1996. On the forms of loans from the National Bank of Kazakhstan, and the forms of their support.
[35] The Tax Code of the Republic of Tajikistan. 2009. https://www.unodc.org/tldb/pdf/Tajikistan/On_Banking_Activities.pdf (accessed 17.10.2018).
[36] Volzhenkin, B.V. 2002. Crimes in the sphere of economic activity (economic crimes). SPb.
[37] Zhempiisov, N.S. 2006. Criminal liability for lzhepredprinimatelstvo. PhD (Jurisprudence sciences). Sciences. Karaganda.
Published
2018-09-30
How to Cite
MUKANOV, Malik Rsbaevich; BEGALIEV, Ernar Nurlanovich. The Current State of the Monetary Sphere of Kazakhstan, Kyrgyzstan, Tajikistan within the Framework of Changes in the Legislation. Journal of Advanced Research in Law and Economics, [S.l.], v. 9, n. 5, p. 1708-1715, sep. 2018. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/3390>. Date accessed: 25 feb. 2024. doi: https://doi.org/10.14505//jarle.v9.5(35).24.