Main Changes:
Introduction of New Instruments: Treasury obligations have been added, indexed based on the TONIA (Tenge Over Night Index Average) and TCI (TONIA Compounded Index).
List of Treasury Obligations: The decree specifies the issuance of the following types of government treasury obligations:
- short-term;
- medium-term;
- long-term;
- medium-term indexed;
- long-term indexed;
- long-term savings;
- special medium-term;
- indexed to the TONIA rate;
- indexed to the TONIA TCI index.
New Chapter: Rules have been established for obligations indexed to the TONIA TCI index, which are coupon-bearing securities with a nominal value of 1000 tenge. In Kazakh, these obligations are referred to as “TONIA TCI индексіне индекстелген мемлекеттік қазынашылық міндеттемелер” (METISKAM).
Maturity Period and Payment Features:
- TONIA TCI treasury obligations are issued with maturities exceeding one year.
- Placement and redemption are carried out at nominal value. Compensation is paid twice a year in the form of an indexed coupon.
- The coupon rate is fixed 10 business days before the end of the coupon period.
Legal Relations and Restrictions: Holders of such obligations can engage in civil law transactions, except for restrictions established by law. All transactions are conducted through a primary dealer.
The decree will come into effect on December 31, 2024.