Kazakhstan to shortly ban Ponzi schemes

Kazakhstan will shortly introduce a blanket ban on Ponzi schemes, Newkaz.ru reports, citing the National Bank’s Governor Gregory Marchenko as saying July 25 during the online conference arranged by Profinance.kz . He reminded that to protect common people from deceptive schemes, the country’s General Prosecutor’s Office is drafting amendments [before September 2012] into the national legislation to introduce liability for those starting or running Ponzi schemes. In a separate statement Mr. Marchenko said that the exchange rate of the national currency, the tenge, has been the most stable as compared to other currencies. “Its minor fluctuations can cause no panic”, he said, elaborating that the annual volatility of the tenge against the US Dollar has made up 2.2%, with the Russia’s rouble volatility standing at 13.4%, Euro’s volatility at 13.2%. “In case of growing pressure on the tenge, the National Bank resorts to currency interventions to neutralize sharp fluctuations”, Mr. Marchenko said.