Majilis passed law amendments to allow DBK expand its activities

/Kazakhstan today, April 7, 04/ - Majilis parliamentarians approved amendments and additions to law "On the Development Bank of Kazakhstan" today, correspondent of KZ-today reports from Astana. A draft law extends the list of activities that DBK may undertake including leasing operations and bank guarantees. Amendments also provides for additional operations entitled to enhance the effectiveness of bank's cash management and improve services including deposits from banks, opening and maintenance of corresponding accounts for banks and organizations carrying some types of banking operations, origination and confirmation of a banker's acceptance, obligations fulfillment. According to draft law, the DBK would be allowed to operate without a license from Agency for regulation and supervision of financial market and financial organizations due to its unique status. Moreover, in connection with creation of the Agency for regulation and supervision of financial market and financial organizations as well as delegation of some National bank's functions to that body, a law draft allows for corresponding amendments to existing norms that would split control functions over the DBK among two bodies. A draft law has been passed to Senate. [2004-04-07]