The Legislative Chamber of the Oliy Majlis reviewed a draft law aimed at further improving the operations of the Central Bank in the first reading. This document is significant for strengthening stability in the country's banking and financial system, clarifying oversight mechanisms, and introducing modern international practices.
According to the draft, audits of the Central Bank and its system will be conducted only based on a Senate decision or in cases stipulated by law. This procedure serves to ensure institutional independence in the Central Bank's activities, limit unjustified interference, and establish oversight processes on a legal basis.
It is also intended to simplify the requirements for credit organizations and the registration procedure for regulatory documents. This will allow legislative requirements for banks, microfinance organizations, and other financial institutions to be clearer, faster, and more practical.
The draft law also provides for the introduction of a mechanism for taking rapid legal measures in the event of emergencies in the financial market. This is especially important during financial risks, external economic pressures, or sharp market fluctuations, as delayed decisions in such situations can have a significant impact on the banking system.
During the discussion, deputies emphasized that this draft plays an important role in ensuring the stability of the banking system, effectively managing potential risks, and strengthening management mechanisms in line with international standards. In other words, the document concerns not only the Central Bank's operations but also the reliable and stable functioning of the entire financial market.
These changes are expected to serve to increase transparency, responsibility, and agility in the banking sector. Trust is of great importance, especially in the financial sector. The clearer the rules, the more confidently market participants can plan their activities.
The draft law was adopted by the Legislative Chamber and sent to the Senate for further review. The document will now be discussed and reviewed by the upper house in accordance with the established procedure.
In short, the new draft law on the Central Bank's operations is aimed at making management in the financial system more robust, legally precise, and compliant with modern requirements. When there is stability in the banking system, confidence in the economy also grows, which is a crucial foundation for future reforms.
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