Bureau of National Statistics
of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan
Mr. Almat Abdrakhmanov
Head of the Monetary Statistics Division
Financial Market Statistics Department
National Bank of the Republic of Kazakhstan
Astana, 64 Mangilik El Avenue, Z00A9G3
8 (7172) 77-55-58
Data are provided on the analytical accounts of depository corporations, in millions of tenge. The set of indicators covers the aggregated balance sheet of commercial banks (second-tier banks, STBs) operating in the Republic of Kazakhstan and the balance sheet of the National Bank of the Republic of Kazakhstan (NBK), including the assets of the National Fund of the Republic of Kazakhstan (National Fund of the RK) held in trust management by the NBK.
From December 2003 to December 2005, the accounts of credit partnerships were included in the monetary survey. Since January 2006, the accounts of credit partnerships have been excluded from the analytical accounts of depository corporations following amendments to the legislation of the Republic of Kazakhstan on licensing and consolidated supervision, as a result of which credit partnerships ceased to fall within the NBK’s remit. The accounts of banks in liquidation are not included in the analytical accounts of depository corporations.
Monetary statistics are compiled in accordance with the international standard, the International Monetary Fund’s Monetary and Financial Statistics Manual (IMF MFSM 2016).
Data are provided for the following categories:
Monetary aggregates (end-of-month positions):
• M0 (currency in circulation): defined as currency outside depository corporations (national currency banknotes and coins in circulation, less cash in the vaults of the NBK and STBs);
• M1 (narrow money): defined as M0 plus transferable deposits in national currency of nonbank legal entities and households;
• M2: M1 plus other deposits in national currency and transferable deposits in foreign currency of nonbank legal entities and households;
• M3 (broad money): comprises M2 plus other deposits in foreign currency of nonbank legal entities and households. Deposits of local and regional governments have been included in the monetary aggregates since December 2001.
Net claims on the central government (data for the general government were reported until December 2001): gross claims in the form of loans, securities, and receivables, less government deposits and liabilities to depository corporations.
Domestic credit to the rest of the economy: includes claims on the nonbank financial sector, public and private nonfinancial corporations, state and local governments (since December 2001), nonprofit institutions serving households (NPISHs), and households.
Net foreign assets (NFA) of depository corporations: the difference between gross claims on and gross liabilities to nonresidents in freely convertible (FCC) and nonconvertible currencies, with a breakdown by assets and liabilities. The foreign position is distinguished from the domestic position on the basis of residency.
Other items net (OIN): shown with a breakdown into other financial and nonfinancial assets, other liabilities, and capital accounts.
Valuation and revaluation rules:
Financial assets are measured at fair value, except for held-to-maturity investments, loans and receivables not held for trading, and financial assets without a quoted market price in an active market whose fair value cannot be measured reliably.
Items denominated in foreign currency are converted into national currency at the market exchange rate determined in accordance with the Rules for Determining the Market Exchange Rate. The market exchange rate is determined daily on business days on which Kazakhstan Stock Exchange JSC conducts foreign exchange trading.
For the US dollar, the market exchange rate is determined as the weighted average exchange rate of the tenge against the US dollar as of 15:30 Astana time.
For other foreign currencies, the market exchange rate against the tenge is determined as a cross rate calculated using the market exchange rate of the US dollar against the tenge and the exchange rates of those currencies against the US dollar as of 16:00 Astana time.
The National Bank sets the market exchange rates on the trading day in accordance with the procedure established by the Rules for Determining the Market Exchange Rate.
Monthly
The indicators are compiled and published monthly in two stages:
Preliminary data: published in the first working week of the month following the reference month (11th working day).
Final data: published on the last working day of the month following the reference month, incorporating final data on foreign assets.
The NBK publishes in advance the “Statistical Information Release Schedule” and the “Data Release Calendar” for the upcoming calendar year under the IMF Special Data Dissemination Standard (SDDS) on the official NBK website and on the web portal of the national coordinator, the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan (BNS ASPR RK).
Monetary statistics are made available to all users simultaneously on the NBK website (nationalbank.kz) and are published in the monthly official publication “NBK Statistical Bulletin.” In addition, key statistical indicators are posted in machine-readable format (JSON) on the Open Data portal (data.egov.kz).
Monetary statistics are compiled and disseminated on the basis of the legal and regulatory framework of the Republic of Kazakhstan:
• Law of the RK “On the National Bank of the Republic of Kazakhstan”: Articles 7 and 8 assign to the NBK the functions of conducting statistical activities (developing methodology, and compiling and disseminating monetary statistics, financial market statistics, and external sector statistics), as well as collecting and processing administrative data on currency regulation and currency control and on monetary statistics. Article 70 grants the NBK the right to obtain, free of charge, from individuals, legal entities, and government agencies the information necessary to perform its functions, and guarantees the confidentiality of the information obtained.
• Law of the RK “On Banks and Banking Activities in the Republic of Kazakhstan”: Article 75 provides that banks (banks with a universal banking license, banks with a basic banking license, and Islamic banks) submit financial and other reporting, including financial and other reporting on a consolidated basis, to the NBK in accordance with its regulatory legal acts.
• Law of the RK “On State Statistics”: governs the status of the NBK as a state statistics body (Articles 4 and 13), establishes the principles of professional independence and confidentiality (Article 5), guarantees the protection of primary data and prohibits their use for supervisory purposes (Article 8), and sets out the procedures for working with sources and for processing and storing information (Articles 24 and 25).
• Law of the RK “On Currency Regulation and Currency Control”: sets out the criteria for the institutional determination of residency.
Protection of confidential data is also ensured by the Law of the RK “On Personal Data and Their Protection” and by the NBK’s internal List of Protected Information. Officials bear administrative liability under Article 501 of the Code of the RK on Administrative Offences (a fine of 50 MCI) for the unlawful disclosure or transfer of primary statistical data that allow a respondent to be identified.
Users outside the NBK (including government agencies) have no access to the data before their official release.
No other government agencies attach commentary to NBK statistical releases.
Second-tier banks do not provide revised historical data in the event of account reclassification. Monetary statistics are final, except for revisions to end-of-month data on foreign assets and final end-December data (compiled taking into account closing entries). Users are informed in advance of major changes in methodology.
A summary of the methodology used to compile monetary statistics is published in the methodological notes accompanying the “NBK Statistical Bulletin” in Kazakh, Russian, and English, as well as in the “Methodology” subsection of the “Monetary and Banking Statistics” section of the NBK website.
Monetary statistics time series are posted on the NBK website and published in the monthly “NBK Statistical Bulletin” (annual data for the last 5 years; monthly data for the current year).
The data are broken down as follows:
· disaggregated data from the balance sheets of the central bank and second-tier banks;
· customer deposits;
· loans to customers;
· interest rates on deposits and loans.
• Information is published on the official NBK website under Statistics -> Monetary and Banking Statistics -> Monetary Statistics, in tabular form downloadable in machine-readable XLSX format, in Kazakh, Russian, and English.
• Twice-monthly release: preliminary monetary survey data (in the first working week) and revised data on foreign assets (at the end of the month), in Kazakh, Russian, and English.
• Monthly publications: the “NBK Statistical Bulletin” (PDF and Excel formats) in Kazakh, Russian, and English.
• Electronic platforms: the official NBK website http://www.nationalbank.kz and the Open Data portal data.egov.kz.
The monetary survey is compiled monthly from the sectoral balance sheets of the NBK and commercial banks (STBs). From December 2003 to December 2005, the accounts of credit partnerships were included in the monetary survey in line with the IMF MFSM analytical framework. Since January 2006, the accounts of credit partnerships have been excluded from the monetary survey following amendments to the legislation of the Republic of Kazakhstan on licensing and consolidated supervision, as a result of which credit partnerships ceased to fall within the remit of the government body responsible for regulating and supervising the financial market and financial institutions.
Monetary aggregates comprise currency in circulation (M0), narrow money (M1), broad money (M2), and money supply (M3).
Domestic credit, disaggregated by sector: net claims on the central government; claims on state and local governments (until December 2001, data were reported for the general government); claims on nonbank financial institutions; claims on public and private nonfinancial corporations (until December 2001, data were reported for nonfinancial corporations as a whole); claims on NPISHs; and claims on households.
Net claims on the central government are shown on a gross basis: gross claims on the central government (loans, securities, and other receivables) and gross liabilities to the government (deposits, loans, and other payables).
Claims on other sectors of the economy are also broken down by instrument and sector (claims on local government, nonbank financial institutions, public and private nonfinancial corporations, NPISHs, and households).
Net foreign assets (NFA) of depository corporations: presented with a breakdown into gross claims on and gross liabilities to nonresidents in freely convertible currency (FCC) and other net foreign assets in nonconvertible currencies (NCC).
Other items net (OIN): broken down into other financial and nonfinancial assets, other liabilities, and capital accounts.
In line with the requirements of the IMF MFSM, monetary statistics in Kazakhstan distinguish between banks’ claims on and liabilities to residents and nonresidents. The resident/nonresident definition applied in Kazakhstan is not fully consistent with the definition in the Balance of Payments and International Investment Position Manual (sixth edition, 2009, IMF BPM6) with respect to the center of predominant economic interest. Under BPM6, an institutional unit is in most cases considered to have its center of economic interest in a country if it already engages, or intends to engage, in economic activities and transactions on a significant scale in that country (for individuals, for at least one year).
Under the Law of the RK “On Currency Regulation and Currency Control,” residents are individuals with permanent residence in the Republic of Kazakhstan, including those temporarily abroad or in the civil service of the Republic of Kazakhstan outside its territory, as well as all legal entities established under the legislation of the RK and located in the RK, and their branches and representative offices located in the RK and abroad (including branches of foreign financial institutions authorized to conduct banking activities in the RK). In addition, diplomatic, trade, and other official missions of the RK located abroad are residents.
Nonresidents are all legal entities, their representative offices and branches, and individuals not covered by the definition of “residents.”
Transactions with other sectors of the economy are grouped as claims and liabilities of the NBK and depository corporations vis-à-vis residents by counterpart sector in accordance with the IMF MFSM: the central (national) bank, nonbank financial institutions, public nonfinancial corporations, private nonfinancial corporations, central government, state and local government, nonprofit institutions serving households (NPISHs), and households.
M0: currency outside depository corporations (national currency banknotes and coins in circulation, less cash in the vaults of the NBK and STBs);
M1: defined as M0 plus transferable deposits in national currency of nonbank legal entities and households (residents);
M2: M1 plus other deposits in national currency and transferable deposits in foreign currency of nonbank legal entities and households (residents).
M3 (money supply): comprises M2 plus other deposits in foreign currency of nonbank legal entities and households (residents).
The monetary survey data are based on the balance sheets of the NBK and commercial banks (STBs). The balance sheets of the NBK and STBs include the accounts of head offices and branches located in Kazakhstan.
Central bank survey: covers the consolidated accounts of the NBK head office in Astana and its branches. The accounts of NBK subsidiaries are included in the NBK consolidated balance sheet but are not included in the NBK monetary survey.
The assets of the National Fund of the RK held in trust management by the NBK are not included in the NBK balance sheet; however, for transparency, they are included in the NBK monetary survey as a separate line in NFA, with a balancing entry on the liabilities side under other items net (OIN).
The balance sheets of the NBK and of commercial banks (STBs) include the accounts of head offices and branches located in Kazakhstan. In line with the legal definition of residency set out in the Law of the RK “On Currency Regulation and Currency Control,” the accounts of STB branches located outside Kazakhstan are also included in their reporting. The accounts of banks in liquidation are not included in the analytical accounts of depository corporations.
The monetary survey is compiled from the monthly balance sheets of the NBK and STBs. Commercial banks submit detailed balance sheets and administrative reporting forms to the NBK monthly. Balance sheet accounts are grouped by counterparty residency into foreign and domestic assets/liabilities, and domestic assets/liabilities are further grouped by economic sector and financial instrument.
Banks submit their detailed balance sheets electronically via the NBK information system.
Detailed balance sheet data undergo automated cross-checks against supplementary data on loans and deposits through the NBK information system, which generates an error log whenever discrepancies are detected. The NBK receives the detailed balance sheet data and groups the accounts to compile the depository corporations survey and calculate the monetary aggregates.
The monetary surveys of the NBK and STBs are compiled from their detailed monthly balance sheets, on the basis of which the survey is produced and published on a regular monthly basis.
Year-end data are provided twice.
• Preliminary end-December data: compiled from the current balance sheet and used to prepare the depository corporations survey before the closing procedures are completed.
• Final end-December data: compiled and finalized later, taking into account closing entries and the established rules of the year-end financial audit.
Mr. Almat Abdrakhmanov
Chief of Monetary Statistics Division
Department of Financial Market Statistics
National Bank of Kazakhstan
Astana, 64 Mangilik El Avenue, Z00A9G3
8 (7172) 77-55-58
Data are provided on the analytical accounts of the National Bank of the Republic of Kazakhstan (NBK), in millions of tenge, compiled from the NBK balance sheet. The assets of the National Fund of the Republic of Kazakhstan (National Fund RK) held in trust management by the NBK are included in the central bank analytical accounts.
In accordance with the Methodology for Compiling Monetary Statistics at the NBK, the NBK monetary survey consists of three main sections: foreign assets, domestic assets, and liabilities.
Data are disseminated for the following indicators:
Net foreign assets (NFA): reflect the difference between the NBK’s claims on and liabilities to nonresidents and comprise: net international reserves (the difference between gross international assets and external liabilities in freely convertible currency, FCC); assets of the National Fund of the RK; and other net foreign assets.
Domestic assets: comprise net claims on the central government; claims on second-tier banks (STBs) net of NBK liabilities on issued notes; claims on nonbank financial institutions; claims on the rest of the economy (public and private nonfinancial corporations and households); and other items net (other financial and nonfinancial assets less other liabilities and capital accounts).
Liabilities (domestic liabilities): are broken down into: Reserve money (the monetary base): currency issued into circulation by the NBK (excluding cash in NBK vaults), transferable and other deposits of STBs, transferable deposits of nonbank financial institutions, and current accounts of public and private nonfinancial corporations in national currency (tenge) with the NBK. Liabilities excluded from the monetary base: current accounts in foreign currency and other deposits of nonfinancial corporations, other deposits of nonbank financial institutions and of STBs in liquidation, NBK notes held by residents (excluding notes held by STBs and the central government), loans (repurchase agreement (repo) operations), and financial derivatives liabilities.
Monthly
The NBK survey indicators are compiled and published on the official website monthly in two stages:
Preliminary data: published in the first working week of the month following the reference month (7th working day), based on the NBK balance sheet, for a timely assessment of the macroeconomic situation.
Revised data: published on the last working day of the month following the reference month, incorporating adjustments to NBK assets under external management based on reports from external managers.
The “Statistical Information Release Schedule” and the “Data Release Calendar” for the upcoming calendar year under the International Monetary Fund’s (IMF) Special Data Dissemination Standard (SDDS) are published in advance on the official NBK website (nationalbank.kz) and on the web portal of the national statistical coordinator, the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan (BNS ASPR RK).
The NBK analytical accounts are released simultaneously to all users in the “Monetary and Banking Statistics” subsection of the NBK website and in the monthly official publication “NBK Statistical Bulletin.” Key indicators are also posted in machine-readable format (JSON) on the Open Data portal (data.egov.kz).
Monetary statistics are compiled and disseminated on the basis of the legal and regulatory framework of the Republic of Kazakhstan:
• Law of the RK “On the National Bank of the Republic of Kazakhstan”: Articles 7 and 8 assign to the NBK the functions of conducting statistical activities, developing statistical methodology, and compiling and disseminating statistical information on monetary statistics, financial market statistics, and external sector statistics, as well as collecting and processing administrative data (financial and other reporting) on currency regulation and currency control and on monetary statistics. Article 70 grants the NBK the right to obtain, free of charge, from individuals, legal entities, and government agencies the information necessary to perform its functions. Information so obtained is not subject to disclosure.
• Law of the RK “On State Statistics”: governs the status of the NBK as a state statistics body (Articles 4 and 13), establishes the principles of professional independence and confidentiality (Article 5), guarantees the protection of primary data and prohibits their use for supervisory purposes (Article 8), and sets out the procedures for working with sources and for processing and storing information (Articles 24 and 25).
• Law of the RK “On Currency Regulation and Currency Control”: sets out the criteria for the institutional determination of residency.
• Protection of confidential data is also ensured by the Law of the RK “On Personal Data and Their Protection” and by the NBK’s internal List of Protected Information. Officials bear administrative liability under Article 501 of the Code of the RK on Administrative Offences for the unlawful disclosure or transfer of primary statistical data that allow a respondent to be identified.
Users outside the NBK (including government agencies) have no access to the data before their official release.
No other government agencies attach commentary to NBK statistical releases.
The NBK monetary survey data published by the National Bank are final, except for data on international reserves and the foreign assets of the National Fund of the RK, which are published at the beginning of the month on a preliminary basis and at the end of the month on a revised basis. Information on major changes in methodology is provided in methodological notes and/or in footnotes to the published tables.
A summary of the methodology used to compile monetary statistics is published in the methodological notes accompanying the “NBK Statistical Bulletin” in Kazakh, Russian, and English, as well as in the “Methodology” subsection of the “Monetary and Banking Statistics” section of the NBK website.
The NBK monetary survey is compiled in accordance with IMF methodology (the IMF Monetary and Financial Statistics Manual 2016, MFSM; and the IMF Monetary and Financial Statistics Compilation Guide 2008).
The monetary survey is disseminated monthly on the NBK website, in the official publication “NBK Statistical Bulletin,” and in NBK press releases. Data on the NBK’s gross international reserves published in the “Monetary and Banking Statistics” section are consistent with the data on international reserves and foreign currency liquidity published in the “External Sector Statistics” section.
• Information is published on the official NBK website under Statistics -> Monetary and Banking Statistics -> Monetary Statistics -> Monetary Survey of the National Bank of the Republic of Kazakhstan, in tabular form downloadable in machine-readable XLSX format, in Kazakh, Russian, and English.
• Monthly publications: the “NBK Statistical Bulletin” (PDF and Excel formats) in Kazakh, Russian, and English.
• Electronic platforms: the official NBK website www.nationalbank.kz and the Open Data portal data.egov.kz.
The NBK analytical accounts are based on the NBK balance sheet and on the balance sheet of the National Fund of the RK assets managed by the NBK.
The NBK monetary survey data include:
· the monetary base (reserve money), comprising currency outside the NBK, deposits of commercial banks (STBs), transferable deposits of nonbank financial institutions, and current accounts in national currency of public and private nonfinancial corporations;
· net claims on the central government (until December 2001, data were reported for the general government as a whole, without breakdown);
· domestic credit to the rest of the economy, including claims on banks, nonbank financial institutions, and households;
· foreign assets and foreign liabilities of the NBK (including the foreign assets of the National Fund of the RK managed by the NBK);
· other items net (OIN) (comprising other financial assets, nonfinancial assets, other liabilities, and capital accounts).
In line with the requirements of the IMF MFSM, monetary statistics in Kazakhstan distinguish between banks’ claims on and liabilities to residents and nonresidents. The resident/nonresident definition applied in Kazakhstan is not fully consistent with the definition in the Balance of Payments and International Investment Position Manual (sixth edition, 2009, IMF BPM6) with respect to the center of predominant economic interest. Under BPM6, an institutional unit is in most cases considered to have its center of economic interest in a country if it already engages, or intends to engage, in economic activities and transactions on a significant scale in that country (for individuals, for at least one year).
Under the Law of the RK “On Currency Regulation and Currency Control,” residents are individuals with permanent residence in the Republic of Kazakhstan, including those temporarily abroad or in the civil service of the Republic of Kazakhstan outside its territory, as well as all legal entities established under the legislation of the RK and located in the RK, and their branches and representative offices located in the RK and abroad (including branches of foreign financial institutions authorized to conduct banking activities in the RK). In addition, diplomatic, trade, and other official missions of the RK located abroad are residents.
Nonresidents are all legal entities, their representative offices and branches, and individuals not covered by the definition of “residents.”
Transactions with other sectors of the economy are grouped as claims and liabilities of the NBK and depository corporations vis-à-vis residents by counterpart sector in accordance with the IMF MFSM: the central (national) bank, nonbank financial institutions, public nonfinancial corporations, private nonfinancial corporations, central government, state and local government, nonprofit institutions serving households (NPISHs), and households. Exception: some claims in the NBK survey are not fully classified by sector (in the “NBK Statistical Bulletin” they are shown under “claims on other sectors of the economy”).
The central bank survey covers the consolidated accounts of the NBK head office in Astana and its branches. The accounts of NBK subsidiaries are included in the NBK consolidated balance sheet but are not included in the NBK monetary survey.
The assets of the National Fund of the RK held in trust management by the NBK are not included in the NBK balance sheet; however, for transparency, they are included in the NBK monetary survey as a separate line in NFA, with a balancing entry on the liabilities side under other items net (OIN).
The balance sheets of the NBK and of commercial banks (STBs) include the accounts of head offices and branches located in Kazakhstan. In line with the legal definition of residency set out in the Law of the RK “On Currency Regulation and Currency Control,” the accounts of STB branches located outside Kazakhstan are also included in their reporting.
At the NBK, financial assets are valued in accordance with the applicable accounting rules and the NBK accounting policy.
Securities are recorded in accordance with the requirements for their classification and measurement. Securities are revalued in the established manner, taking into account their current value and market quotations. Securities acquired for equity investment purposes are accounted for under the adopted accounting policy.
Regarding the creation and use of specific and general provisions: at the end of the financial year or during the period of closing entries, on the basis of a decision of the NBK permanent inventory commission following the annual inventory of banking and nonbanking assets, specific provisions against doubtful banking and nonbanking assets and possible NBK losses are created at the expense of NBK expenses, and general provisions are created from the NBK’s undistributed net income.
Items denominated in foreign currency are converted into national currency at the market exchange rate determined in accordance with the Rules for Determining the Market Exchange Rate. The market exchange rate is determined daily on business days on which Kazakhstan Stock Exchange JSC conducts foreign exchange trading.
For the US dollar, the market exchange rate is determined as the weighted average exchange rate of the tenge against the US dollar as of 15:30 Astana time.
For other foreign currencies, the market exchange rate against the tenge is determined as a cross rate calculated using the market exchange rate of the US dollar against the tenge and the exchange rates of those currencies against the US dollar as of 16:00 Astana time.
The National Bank sets the market exchange rates on the trading day in accordance with the procedure established by the Rules for Determining the Market Exchange Rate.
The NBK analytical accounts are based on the NBK balance sheet. The assets of the National Fund of the RK managed by the NBK are recorded in a separate balance sheet, but in the NBK survey they are included as a separate line in NFA, with a balancing entry under OIN.
The NBK monetary survey is compiled from the NBK’s detailed monthly balance sheets, on the basis of which the survey is produced and published on a regular monthly basis.
