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Kazakhstan’s Central Bank is planning to put the country’s banks’ right to attract household deposits in proportion to the net worth, according to the Central Bank Governor Kairat Kelimbetov.
He reminded the Central Bank had suggested gradually raising the mandatory net worth from the current $54.6 million to $546 million by 2019.
He emphasized that 8 out of the current 38 Kazakhstan-based banks already had a net worth in excess of $546 million, with a number of banks being able to raise their net worth to the new standard.
“The Central Bank and second-tier banks have agreed as follows: if the net worth reaches $163 million, the bank has the right to attract $273 million in deposits; should the net worth reach $273 million, the bank has the right to attract up to $409 million (…) should the net worth reach the mandatory $546 million, there will be no restrictions”, he elaborated.
He also added that banks with no plans of having the net worth increased from their current level will only be able to attract up to $54.6 million in deposits.
The Central Bank Governor said the measures are aimed at raising shareholders’ responsibility. “All around the world, notably in the EU, wherein banks were mostly hit by the global financial crunch, governments have shifted to new schemes, with banks’ shareholders and creditors bearing greater responsibility than they used to back in 2008-2010 (when governments had to bail out troubles banks, including in Kazakhstan)”, he said.
