Ak Bata Bank

Ak Bata Bank (Iradi ak bata, "blessing", literally "white blessing") is a commercial bank in the Irad Special Economic Zone (ISEZ). With 43 branches, 24 in Talas, 15 in Nurzhan and 4 in Iyık Janyl, it has the largest branch network of any bank in Irad, although it is smaller than Talasbank by deposits. It clears its payments through the Bank of Irad Clearing House.^[1]

History

The bank was founded in Talas in 1995, during the territorial period, when the dollar circulated alongside the Iradi som and a number of small commercial banks opened in the cities. Its name refers to the bata, the blessing given by elders at the start of an undertaking, white being the holy colour in Iradi tradition.^[1][2]

Operations

Talasbank, with 28 branches, holds about 60 percent of commercial deposits in the ISEZ and the main export escrow accounts, and Ak Bata Bank and Chuy Commercial Bank (33 branches) are the largest of the other commercial banks. Ak Bata's network is concentrated in Talas, where it has more branches than Talasbank (20) or Chuy Commercial Bank (12); in Nurzhan Chuy Commercial Bank has the larger network.^[1] The bank keeps accounts in som and in dollars, the currency in which vehicles, property and most savings are priced.^[3]

Many of its customers are wage-earners and farmers. Members of the Talas Valley Milk Cooperative, which owns the Talas Dairy Processing Combine, can be paid for their milk on the 10th, 20th and 30th of each month into a Talasbank or Ak Bata Bank account as well as in cash.^[4]

Like other banks in the ISEZ, Ak Bata Bank works under the currency-board rules of the Bank of Irad, which has kept the som at 8.40 to the dollar since 2008. In 2026, as cash dollars grew scarce, a Bank of Irad notice of 4 May allowed banks to cap cash-dollar withdrawals, with state contracts exempt.^[3] Because Irad is not a recognized state, foreign payments by all Iradi banks go through correspondent banks, mainly in Almaty.^[2]

See also

• Talasbank
• Bank of Irad
• Economy of Irad

References

1. ^ Chamber of Commerce and Industry of Irad (2023). Commercial Directory of the Irad Special Economic Zone. Talas.
2. ^ Central Asian Policy Review (2023). 'Institutional Legacies of the American Territorial Era in Irad.' Academic Press, pp. 112–129.
3. ^ Bank of Irad (2026). Notice 2026/2 on Cash Foreign Currency Operations. Talas.
4. ^ Talas Dairy Processing Combine (2026). Annual Report 2025. Talas.