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