• Спецпроекты
  • Weather forecast
    • Exchange Rates
    • 427.41
    • 519.47
    • 5.78
  • SEND YOUR NEWS TO US WhatsApp +7 (777) 001 44 99
  1. Main
  2. Learn
  3. Economy
  4. Finance

Kazakhstan's entering WTO will not affect banking 09 декабря 2011, 15:30

It will have no effect on the banking sector: Marchenko.
  • Vkontakte
  • Facebook
  • Twitter
  • Одноклассники
  • Telegram
Новостью поделились: человек

Head of the National Bank of Kazakhstan Gregory Marchenko.    Photo by Yaroslav Radlovskiy© Head of the National Bank of Kazakhstan Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Kazakhstan's ascent into the World Trade Organization (WTO) will not have any effect on the banking sector, at least in the nearest years, Tengrinews.kz reports citing chairman of Kazakhstan National Bank Gregory Marchenko as saying on the sidelines of the Forum on Reforming Banking Management in Almaty. "It will have no effect on the banking sector for the time being, as after entering the WTO there will be a long transition period, around 6 years. Then, when the transition period is over, it will be 2018. That's when foreign banks will be able to directly open branches and this will cause some changes,” Marchenko said. He also noted that Kazakhstan banks had started implementing the international standards 16 years ago and right now over a half of the banks in Kazakhstan are foreign, “that's why there will be no significant changes in the financial sector after Kazakhstan enters the WTO”. "Big changes may happen starting from 2020, when, as we have agreed, we will have a common financial market under the Common Economic Space. That means that our companies like pension funds, insurance companies and banks will be able to act at the territory of Russia and Belarus and offer their services without any special licenses,” Marchenko said. "At the same time Russia and Belarus will also be able to work at our territory without additional licenses and that's when the competition will be really high,” National Bank's chairman said adding that the common financial authority would be located in Kazakhstan. Earlier Kazakhstan parliament ratified the treaty On the Customs Union functioning under the multilateral trade system. The document will allow Kazakhstan to become closer to Russia and Belarus in its WTO ascession terms. By Daniyar Bozov

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan