NB of Kazakhstan has accepted rules of the bill circulation

/IRBIS, Nov.17, 99/ - According to REUTERS, which cites the National Bank of Kazakhstan press release, the Bank has ratified the bill circulation normative base. "The Management of the National Bank has authorized the rules of banks' activity as: bill accounts, operations of with transfer and common bills, rediscount by National bank", - is spoken in the press release. The head of the National bank Grigory Marchenko has told yesterday, that the bill market of Kazakhstan can be started in January 2000. As he said, it will a pilot project, in which three national companies will participate. They are: Temir Zholy (Railway), KEGOC (electrical networks) and Kazaktelekom. Volume of the bills issues will not exceed 1 billion tenge, term of circulation will be no more than 3 months. "Hereinafter both number of the emitters and volumes of the issues will increase, but we need to be assured that the system works without failures and any opportunities of falsifications and frauds", - has told Marchenko. As follows from the press release, the banks having the license, will be permitted to collect the bills, to give payment services on the collected bills, to pay the addressed bills, to make acceptance of bill of exchange. Bills rediscount by the National Bank" will be executing under the official National Bank discount rate. The official registration rate will be defined on the assumption of the current market condition.