Daulet Sembaev
Daulet Sembaev | |
|---|---|
| Born | 10 August 1935 Alma-Ata, Kazakh SSR, Soviet Union |
| Died | 15 November 2021 (aged 86) |
| Occupation(s) | Statesman, financial expert |
| Years active | 1958–2011 |
| Known for | Deputy Prime Minister of Kazakhstan, First Deputy Prime Minister of Kazakhstan, Head of the National Bank of Kazakhstan, Senator |
Daulet Hamituly Sembaev (; born 10 August 1935 – passed away 15 November 2021) was a prominent Kazakh statesman and financial expert who held the positions of Deputy Prime Minister of Kazakhstan (1991–1992) and First Deputy Prime Minister of Kazakhstan (1992–1993). He served as the head of the National Bank of Kazakhstan between 1993 and 1996 before becoming a senator in the Senate.
Initially trained as a metallurgist, Sembaev shifted into influential financial leadership roles during the formative years of Kazakhstan’s independence, playing a central role in establishing the national currency, which led to his recognition as the "father of the tenge." Additionally, he spearheaded pension system reforms and directed key financial organizations such as Kazkommertsbank and the Kazakh Association of Financiers. He is widely acknowledged as one of the architects behind Kazakhstan’s contemporary financial infrastructure.
Early life and education
Born in Alma-Ata (present-day Almaty, Kazakhstan) into a Kazakh Muslim household, Sembaev’s given name translates to "fortune" or "property" across Persian, Kazakh, and Urdu languages. His father, Hamid Sembaev, was an educator who later served as Minister of Education for the Kazakh SSR.
In 1958, Daulet graduated from Satbayev University’s Institute of Metallurgy and Industrial Engineering with a focus on metallurgical engineering.
Career
Between 1958 and 1966, Sembaev worked at the S. M. Kirov Alma-Ata machine-building plant as a foundry technologist and senior foreman. From 1966 to 1975, he occupied several positions within the State Planning Committee of the Kazakh SSR, including chief specialist and deputy department head. In 1975, he advanced to lead the Secretariat for the Chairman of the Council of Ministers of the Kazakh SSR. By 1987, he had become deputy chairman of both the State Planning Committee and subsequently the Supreme Economic Council.
On 16 October 1991, Sembaev was named Deputy Prime Minister of Kazakhstan. Starting February 1992, he advanced to First Deputy Prime Minister and directed the State Commission responsible for introducing the Kazakhstani tenge until his removal in December 1993. Concurrently on that date, he assumed chairmanship of the National Bank of Kazakhstan.
During his leadership at the National Bank amid an economic crisis, Sembaev enforced more rigorous banking capital requirements and introduced supervisory practices aligned with global standards to stabilize the tenge. His tenure marked the beginning of Kazakhstan’s independent macroeconomic policymaking.
On 24 January 1996, he entered the Senate of Kazakhstan where he chaired the Committee on Economy, Finance and Budget until May 1997. Afterwards, he took on the role of Deputy Board Director at OJSC Gornorudnaya ABS–Balkhash.
Post political career
In April 1999, Sembaev was appointed chairman of Kazkommertsbank JSC’s Board of Directors. From May 1999 through December 2001, he presided over the Association of Financiers of Kazakhstan. In September 2002, he returned as deputy chairman on Kazkommertsbank’s Board and resumed leadership of the Association from January 2003 until April 2004.
Sembaev was among the founders of the Aq Jol Democratic Party, a centrist group that emerged from a split with Democratic Choice of Kazakhstan in 2002. He appeared on Aq Jol’s candidate list for the Mäjilis legislative elections in 2004.
Starting August 2005, Sembaev held the position of Honorary Chairman for the Association of Financiers’ Council and joined the Board of Trustees at the International Academy of Business in December 2009. He stepped down from Kazkommertsbank’s Board of Directors on 1 August 2011.
Death
At the age of 86, Sembaev died peacefully on 15 November 2021, a date that also marks Kazakhstan’s National Currency Day. His passing elicited messages of sympathy from President Kassym-Jomart Tokayev as well as former President Nursultan Nazarbayev, both of whom acknowledged his esteemed contributions and enduring public reputation.