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Kazakhstan increases quota in IMF authorized capital

25 may 2015, 21:40
IMF in Washington ©RIA Novosti
IMF in Washington ©RIA Novosti

Kazakhstan is increasing its quota in the authorized capital of the International Monetary Fund (IMF) from 365.7 million SDR (Special Drawing Rights) to 427.8 million SDR, Tengrinews reports citing the press service of the National Bank of Kazakhstan.

The share of Kazakhstan’s votes in the executive board will be increased by 17 percent. The decision was made on April 24, 2015 by the Board of the National Bank of Kazakhstan.

"With the increase in the quota, gold and foreign exchange assets of the National Bank of Kazakhstan will not be reduced, because the 25 percent share is a component of the reserve assets of the Member State and 75 percent share is conditional and is not classified as an asset or a liability," said the Director of the Department of International Relations and Communication of the National Bank Aydar Kazybayev.

According to the Kazakh financial regulator, the increase in the quota in the IMF capital would contribute to Kazakhstan's financial stability as it would make it eligible for a loan from the IMF in the amount of three times the size of the quota.

The increased influence of Kazakhstan in the capital of the fund would have a positive impact on the country ratings and serve to strengthen its position in the voting structures of the IMF, the National Bank of Kazakhstan said.

Writing by Dinara Urazova, editing by Tatyana Kuzmina

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