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Kazakhstan has enough funds to withstand a financial crisis: National Bank Governor

14 февраля 2012, 13:12
Gregory Marchenko. By Vladimir Dmitriyev©
Gregory Marchenko. By Vladimir Dmitriyev©
Kazakhstan has enough funds to withstand a financial crisis, National Bank’s Governor Gregory Marchenko told journalists at a press-conference in Almaty February 13.

“The National Oil Fund has accumulated $45 billion which is now under the management of the National Bank. The nation has enough funds to combat any long-drawn-out crisis for 2-3 years”, he said.

According to him, the major issue how to manage the funds. The management, in its turn, will depend on possible manifestations of the anticipated crisis.

In his State of the Nation Address January 27, 2012, President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks.

“We will have to borrow from the National Oil Fund to implement industrial projects. I believe it’s right. Let’s invest the money into the national economy rather than keep it with Western banks”, Nazarbayev said.

The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund are monitored by the National Bank of the Republic of Kazakhstan.

Assets of the National Oil Fund as of the end of December totaled $43.693 billion, 41.04% up against the end of 2010.

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