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Governor of the National Bank of Kazakhstan has declared that the summit of the Council for Islamic Financial Services will be held in Almaty in 2015. He also spoke about the future of Islamic finance in Kazakhstan.
Earlier the country’s Central Bank reported that the annual inflation rate as of the end of July stood at 7%.
Governor of the National Bank of Kazakhstan has declared there was no reason to be worried about falling oil prices and West-Russia sanctions reciprocation.
Advisor to the governor of the National Bank of Kazakhstan talks about pension fund losses as of September and the benefits of National Bank managing the Single Pension Fund.
The National Bank of Kazakhstan has responded to the criticism of several members of the Kazakh Parliament, who claimed the Single Pension Fund was practicing risky investments that put the pensioneers' savings in danger.
According to him, the money will only be provided to banks that have accumulated the most of NPLs. Kazkommertsbank and BTA to be shortly merged are among them as they jointly account for 62% of NPLs in the banking sector.
Prior to the 20% currency devaluation back in February Mr. Kelimbetov assured the country’s population there were no such expectations.
“I believe spreading rumors is the way devaluation expectations are being intensified artificially (…) all those voicing their estimates and forecasts should be aware of their responsibility”, he said.
The new legislation will cover new types of payments. It will set a legal framework for mobile carriers to make payments, using the subscribers’ accounts: Central Bank official.
There is a tough national legislation to counteract money laundering and banks are not allowed to service transactions involving unidentified parties: Central Bank representative.
Amidst sanctions standoff between the West and Russia, Kazakhstan is concerned with the lack of its own payment system. Experts comment on possibilities and limitations in introducing such a system.
According to Mr. Marchenko, member states of the Customs Union are excessively dependent on foreign payment systems, with introduction of e-currencies by large Western corporations posing a threat to the national security.
Governor of the National Bank of Kazakhstan shared how Kazakhstan was going to respond to the sanction wars of the West and Russia.
Kazakhstan's Almaty has improved its position in The Global Financial Centres Index surpassing Prague, Warsaw and Moscow.
Kazakhstan National Bank has introduced a new ban prohibiting Kazakh banks from keeping over 30% of their funds abroad, but offered them tenge rate stability and cheap funding at the same time.
According to the Central Bank Governor, up to now they have been able to keep the money on their correspondent accounts abroad.
Accoding to him, massive misleading sms campaigns informing people of alleged bankruptcy of some of Kazakhstan-based banks in the wake of the 20% currency devaluation back in February and waves of rumors about possible devaluation recently have been encouraging people to keep their money at home.
The Governor doesn’t rule out the USD exchange rate could further go down to 170 tenge per $1 as compared to the current 183 tenge per $1.
The head of Cycling Federation Kairat Kelimbetov summurized ProTeam Astana's performance at the Tour de France.
Tengrinews asked several experts about their opinions on the risks related to Kazakhstan's national currency - the tenge.