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Kazakhstan maintained stability of financial sector after global crisis

20 january 2012, 14:39
0
©REUTERS/Bobby Yip
©REUTERS/Bobby Yip
Karim Massimov summed up the results of implementation of 2-year anti-crisis program called ‘5 Big Deeds’, Tengrinews.kz reports citing Prime-Minister’s Facebook.

Kazakhstan’s banking sector was one of the first to feel the negative effect of the global slowdown in 2007-2009. Back then the country’s government developed and implemented the anti-crisis program that was acknowledged to be one of the most effective anti-crisis programs in the world.

One of the key measures was stabilization of the financial sector that included recapitalization and provision of additional liquidity to four core banks for the total amount of 486 billion tenge ($3.3 billion) that allowed them to form an adequate level of reserves and continue financing the economy. As a result, the country’s economy recovered and its growth made 7 percent in 2010 and 7.5 percent in 2011.

Despite of a threat of default of the core banks, stability of the financial sector and the volumes financing infected by the bank into the economy served well for restoration of its growth. External debts of the banks were restructured for over $11 billion; 147.5 billion tenge ($1 billion) were returned to the National Fund ahead of schedule.

Complex of the government’s anti-crisis measures helped enhancing people’s and businesses’ trust to the banking system. At the end of 2007 the amount of deposits in second-tier banks made 3.9 trillion tenge ($26 billion), while December 1, 2011 this amount doubled and made 8.4 trillion tenge ($56 billion).

Karim Massimov noted the important role of the National Fund, the “safety cushion”, that allowed Kazakhstan to avoid applying to international financial institutes for help.

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