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A total of $10 billion out of the Fund was spent to combat the crisis of 2008-2010.
According to him, with the current prices for commodities the tenge is posed to strengthen.
The number of bank cards holders in Kazakhstan has reached 8.5 million people this year.
According to him, Kazakhstan’s exporters are in a better position than their Russian counterparts.
According to him, the money had been invested to Kazakhstan’s instruments in February – May in hope for the tenge appreciation.
When commenting on the reasons behind the Bank’s decision to exercise its preemptive right to purchase Kazakhstan-produced gold, Mr. Marchenko pointed to lack of transparency in gold exports following the liberalization of the national market of precious metals.
Assets of the National Fund alone as of the end of August stood at $40.35 billion, 30.25% up from the start of the year.
Kazakhstan National Bank issued Al-Farabi golden coin and Aldar Kosse silver coin.
Most Kazakhstanis (86.4%) believe cashless payments have the future, according to a recent survey carried out by ISAS Agency on behalf of Visa.
According to him, if emerging nations don’t get prepared properly, the same thing may happen in 5 years’ time.
Kazakhstan National Bank is forecasting an increase of prices for fruits, vegetables, eggs, milk and meat products, clothes, shoes and some of public utilities in Q4 2011.
Kazakhstan is a market economy, so any attempts on the part of the government to bridle growing prices for housing or mortgage rates are inadmissible: National Bank.
Senim bank, TAIB Kazakhstan, Credit Altyn and Al Hilal, first Islamic bank in Kazakhstan had their licenses suspended for three months.
Net gold and currency reserves of the Kazakhstan’s National Bank grew by 31.44% from January to July, making up $36.3 billion as of the end of July.
According to the National Bank, 47% of the country’s banks saw intensified demand for mortgages.
The draft was signed into law by President Nazarbayev July 21.
Banks’ loan portfolio totaled $64 billion.
The interest is coupled with pent up demand.
Salaries of public sector employees have been raised by 30% since July 1.
According to him, the reason why insurance schemes are not popular is mentality of public at large.