The Kazakstani banking system, its youthfulness notwithstanding, is developing rapidly. The paper provides an overview of the development experienced by the banking system in Kazakstan focusing on several different sides of the issue, such as the role of the National Bank, its strategy for the recovery of the commercial banks, the privatization of the banks and the financial system model to be adopted.Kazakstan, National Bank, Economic Reform, Financial Sector, Economic Transition