Starting from August 6, by the decision of the Sole Shareholder, the National Bank of the Republic of Kazakhstan, Mr. Nurlan Abdrakhmanov was appointed Chairman of Kazakhstan Deposit Insurance Fund. By the indicated decision, Mr. Nurlan Abdrakhmanov was also appointed a member of the KDIF Board of Directors.
Mr. Abdrakhmanov’s professional experience within the structure of the National Bank of the Republic of Kazakhstan counts 20 years embracing such directions as research and guidance, regulation, and supervision on financial market. Since 2007 through 2011, Mr. Abdrakhmanov held office as the Head of various divisions of Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations for securities market, accumulative pension funds, strategy and analysis of financial market and financial organizations.
During the last 7 years, from 2011 to the present day, Mr. Abdrakhmanov held office as the Director of Financial Market Methodology Department in the National Bank of the Republic of Kazakhstan being in charge of policy and guidance development in prudential regulation and supervision, harmonization of regulatory standards, regulation of financial market and development of financial services, raising awareness of financial services consumers, and counteracting illegal practices, i.e. money laundering and terrorism financing. Throughout the indicated period, Mr. Abdrakhmanov led the effort in development of an array of regulatory acts, including those governing consolidated supervision on financial market, functioning of microfinance organizations and collection agencies, and risk based supervision.
At various times, Mr. Abdrakhmanov served as a member of the Board of Directors of Kazakhstan Stock Exchange, and a member of the Board of Directors of Kazakhstan Deposit Insurance Fund under the authority of a representative of the Sole Shareholder. In addition, Mr. Abdrakhmanov was involved in joint effort in regard to financial markets supervision and development of legal acts of the Eurasian Economic Union being a representative of the Republic of Kazakhstan (the National Bank of the Republic of Kazakhstan) in the Eurasian Economic Commission (including in the framework of Advisory Council for Financial Markets) in regard to development and supervision over the financial markets.
Mr. Daniyar Akishev, Governor of the National Bank of the Republic of Kazakhstan noted that Mr. Abdrakhmanov had professional experience in the system of the National Bank of the Republic of Kazakhstan since 1998. Mr. Akishev also added that during the last years, Mr. Abdrakhmanov had served as the head of Financial Market Methodology Department having important tasks fulfilled. Many issues that fell within the competence of this department were interconnected with the KDIF operations. According to the NBRK Governor, Mr. Abdrakhmanov has extensive background in methodology, thus his experience is expected to be integral for KDIF in such areas as regulation of deposit market, including the term deposit market, as well as assumption of KDIF initiative to take over the functions of corporate liquidator. Mr. Akishev also expressed his wish that KDIF continued fulfilling its tasks and initiatives in an efficient manner.
Mr. Abdrakhmanov is a graduate of Kazakh State Academy of Management. Mr. Abdrakhmanov has also studied in foreign universities.
Mr. Abdrakhmanov has a number of national awards and acknowledgments, including the Medal for Distinguished Labour, the Medal for Contribution in Eurasian Economic Union Development of III degree.
Kazakhstan Deposit Insurance Fund is a subsidiary organization of the National Bank of the Republic of Kazakhstan founded in 1999 to protect the legitimate rights and interests of the second-tier banks’ depositors.
KDIF insures the obligations of the deposit insurance system member banks to reimburse the depositors that allocated funds with all types of bank accounts (including savings deposits, current and card accounts) in the event of bank failure. At the moment, 30 second-tier banks are members of the deposit insurance system.
KDIF deposit insurance coverage extends to all types of bank accounts of individuals and individual entrepreneurs. The maximum coverage limit applied to accounts in national currency is 10 million tenge (per depositor per bank), while the same in regard to foreign currency deposits is 5 million tenge (paid in equivalent at the exchange rate as of the date of effect of the court decision on forced liquidation of the member bank). In accordance to the Law of the Republic of Kazakhstan “On Introducing Amendments and Additions to Certain Legislative Acts on Currency Regulation and Currency Control, Risk Based Supervision over the Operations of Financial Organizations, Protection of Consumers of Financial Services, and Advancement of Operations of the National Bank of the Republic of Kazakhstan” taking effect since July 16, 2018, KDIF shall cover savings accounts of individuals in the maximum amount of 15 million tenge.