Throughout the 1990s, privatization and banking reforms took place in Kazakhstan. In June 1994, Nazarbayev amended the Parliament's Economic Memorandum for the next three years, which has been defined as an economic strategy. It included strict measures to reform the economy and establish macroeconomic stability and set the task of carrying out rapid and vigorous privatization. During the introduction of the National Bank of Kazakhstan in December 1993, significant changes were made in which all specialized banks were transformed into a joint stock company, and the National Bank was granted a number of powers. In March 1995, Nazarbayev signed decree setting the National Bank as an independent entity that is accountable only for the head of state.