NUR-SULTAN / ex ASTANA (NBK press service) — Within the framework of Spring Meetings of the International Monetary Fund and (ILF) the World Bank Group a conference call between the heads of the National Bank of Kazakhstan (NBK) Yerbolat Dosayev and the Bank of International Settlements (BIS) Agustin Carstens was held.

The parties discussed the macroeconomic situation, prospects of economic development of Kazakhstan, the implementation of anti-crisis measures and economic reforms, as well as issues of bilateral cooperation, including the introduction of digital currencies of central banks.

The National Bank of Kazakhstan expressed its intention to initiate the process of joining BIS. The key role of this organization on the global financial arena is to ensure monetary and financial stability, strengthen international cooperation and perform the function of a central bank.

In case of successful negotiations, Kazakhstan will become the first Central Asian country to join the BIS. Membership will provide access to another international platform and official forum for central banks to interact between BIS members — central banks, as well as in creating additional opportunities for international financial transactions, settlements and development of financial technologies.

As an organization of central banks, the BIS seeks to make monetary policy more predictable and transparent among its 60-member central banks, except in the case of Eurozone countries which forfeited the right to conduct monetary policy in order to implement the euro. While monetary policy is determined by most sovereign nations, it is subject to central and private banking scrutiny and potentially to speculation that affects foreign exchange rates and especially the fate of export economies. BIS aims to keep monetary policy in line with reality and to help implement monetary reforms in time, preferably as a simultaneous policy among all 60 member banks and also involving the IMF.