ARTICLE · 17 OCTOBER 1995
General Overview
KazakhstanAccounting and Audit
Following the confirmation of Nursultan Nasarbaev as President until 2000 the country offers political stability. Commitment to privatisation, market economy, and encouragement of foreign investment has been stated.
Considerable progress has been made in the reduction of inflation and stabilisation of the currency which, introduced in November 1993 at a rate of 4.5 to the US dollar stood at around 50 to 31 December 1994, and at 63 six months later.
A new law on accounting is to be issued 1 January 1996 based on International Standards.
The country remains committed to privatisation, but the progress with large scale privatisation has been slow. Small scale privatisation has proceeded as has medium scale by coupon auctions to investment funds established for the purpose.
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