01.09.2009, 18:21 2840

Legislation in banking and currency regulation spheres need to be improved

The President of Kazakhstan, Nursultan Nazarbayev, during the opening ceremony of III session of the Parliament of Kazakhstan of IV convocation said legislation in the banking and currency regulation spheres need to be improved, the agency reports.

Astana. September 1. Kazakhstan Today - The President of Kazakhstan, Nursultan Nazarbayev, during the opening ceremony of III session of the Parliament of Kazakhstan of IV convocation said legislation in the banking and currency regulation spheres need to be improved, the agency reports.

"The crisis has shown the defects of the existing models of financial systems, both of universal scale, and in our country. Therefore, we need to improve our legislation in the banking sphere, currency regulation and control," N. Nazarbayev said.

"We should strengthen the role of financial supervision, to change the legislation concerning insurance, and to raise efficiency of the budgetary legislation. As a whole, the country's financial system should work towards economy diversification and innovative industrial growth," he underlined.

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