The Interstate Bank (ISB) is an international financial organization which was established in 1993. The ISB’s constituent documents had been registered with the United Nations Organization (certificate of registration No. 59988).
The parties to the ISB include the Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, and Turkmenistan. The ISB’s mission is to facilitate economic integration and development of national economies in the CIS member states through creation of a settlement arrangement for conducting cross-border payments in domestic currencies, to participate in the implementation of investment projects of an interstate importance.
The ISB’s supreme governing body is the ISB Board which consists of the heads of central (national) banks and representatives of the ministries of finance of member states. The ISB’s representative offices were opened in the Armenia, Belarus and Kyrgyzstan. The ISB Board conducts its sessions on an annual basis in the city where the ISB is located. Decisions of the ISB Board are made by the qualified majority of seventy-five percent of the overall number of votes.
The ISB Board has the following powers:
- making decisions regarding accession of new ISB members
- making decisions about the increase or reduction of the registered capital
- hearing and approving the ISB President’s Report every six months
- adopting, by the ISB President’s proposal, the ISB budget and hearing a report on its execution
- approving the caps for settlement credits to central (national) banks, applicable interest rates and fees for ISB services, ISB internal rates and conduct of business rules
- making decisions about sanctions and penalties as well as about measures undertaken in respect of those members which do not comply with rules and fundamental provisions of the Agreement, Charter and respective Protocols as pertaining to the ISB.
In accordance with Paragraph 1 of Article 7 of the ISB Charter, as well as with the Governmental Decree of the Republic of Kazakhstan of 20 December 2011 No. 1558 “About the authorized representative of the Republic of Kazakhstan and the deputies thereof in the Interstate Bank Board”, Aliya Moldabekova, Deputy Governor of the National Bank, was appointed a deputy authorized representative of the Republic of Kazakhstan at the ISB Board.
The next 64th meeting of the MGB Council was held on April 27, 2022.