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Clean up of Kazakh banks may start July 1

07 april 2011, 10:10
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Gregory Marchenko. By Vladimir Dmitriev ©
Gregory Marchenko. By Vladimir Dmitriev ©
Introduction of a new mechanism to clean up banks of bad loans needs some amendments into the applicable legislation. The Association of Financiers, banks and auditors are currently working on amendments. Big4 companies are also involved, Gregory Marchenko, Chairman of the National Bank, told a journalist of Business Resource .

Should all the amendments be introduced within a record short time, the scheme could be launched by July 1. However, should the process take longer, the process will only start from January 1.

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