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Summit of Islamic Financial Services Council to be held in Kazakhstan next year

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.

Summit of Islamic Financial Services Council to be held in Kazakhstan next year
Yaroslav Radlovsky ©
IMF on inflation rate in Kazakhstan

Earlier the country’s Central Bank reported that the annual inflation rate as of the end of July stood at 7%.

IMF on inflation rate in Kazakhstan
Photo courtesy of ortcom.kz
Governor of National Bank of Kazakhstan sees no reasons to worry about dynamics on international markets

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.

Governor of National Bank of Kazakhstan sees no reasons to worry about dynamics on international markets
Single Pension Fund ©Turar Kazangapov
Kazakhstan National Bank official explains Single Pension Fund losses

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.

Kazakhstan National Bank official explains Single Pension Fund losses
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National Bank of Kazakhstan defends pension assets' investment into second tier banks

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.

National Bank of Kazakhstan defends pension assets' investment into second tier banks
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Central Bank Governor on Toxic Assets Fund

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.

Central Bank Governor on Toxic Assets Fund
Photo courtesy of strategy2050.kz
Central Bank Governor on why he assured there would be no currency devaluations prior to actual devaluation

Prior to the 20% currency devaluation back in February Mr. Kelimbetov assured the country’s population there were no such expectations.

Central Bank Governor on why he assured there would be no currency devaluations prior to actual devaluation
Central Bank Governor. © Yaroslav Radlovsky
Kazakhstan’s Central Bank Governor on possible currency devaluation

“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.

Kazakhstan’s Central Bank Governor on possible currency devaluation
©REUTERS
Mobile phones to be used to make payments

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.

Mobile phones to be used to make payments
©REUTERS
Kazakhstan’s financial institutions banned from using Bitcoin

There is a tough national legislation to counteract money laundering and banks are not allowed to service transactions involving unidentified parties: Central Bank representative.

Kazakhstan’s financial institutions banned from using Bitcoin
Photo courtesy of wgts.org
National payment system in Kazakhstan unfeasible: experts

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.

National payment system in Kazakhstan unfeasible: experts
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Kazakhstan’s ex Central Bank Governor on e-money

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.

Kazakhstan’s ex Central Bank Governor on e-money
Kairat Kelimbetov ©Yaroslav Radlovsky
Kazakhstan to face West vs Russia sanctions with investments: Kelimbetov

Governor of the National Bank of Kazakhstan shared how Kazakhstan was going to respond to the sanction wars of the West and Russia.

Kazakhstan to face West vs Russia sanctions with investments: Kelimbetov
Almaty. Photo courtesy of exclusive.kz
Almaty improves standing as world financial center in latest ranking

Kazakhstan's Almaty has improved its position in The Global Financial Centres Index surpassing Prague, Warsaw and Moscow.

Almaty improves standing as world financial center in latest ranking
©Tengrinews file photo
Central bank cleans the house in Kazakhstan’s banking sector

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.

Central bank cleans the house in Kazakhstan’s banking sector
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Kazakhstan-based banks obliged to keep equity capital inside the country

According to the Central Bank Governor, up to now they have been able to keep the money on their correspondent accounts abroad.

Kazakhstan-based banks obliged to keep equity capital inside the country
©REUTERS
Kazakhstan people keep $18 billion at home: Central Bank Governor

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.

Kazakhstan people keep $18 billion at home: Central Bank Governor
© Yaroslav Radlovsky
Kazakhstan’s Central Bank Governor on national currency appreciation

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.

Kazakhstan’s Central Bank Governor on national currency appreciation
Nimbali with Astana teammates. Photo ©REUTERS
Nibali showcases superiority over opponents at Tour de France: Kelimbetov

The head of Cycling Federation Kairat Kelimbetov summurized ProTeam Astana's performance at the Tour de France.

Nibali showcases superiority over opponents at Tour de France: Kelimbetov
©Yaroslav Radlovsky
National Bank able to maintain tenge exchange rate for at least one year: expert

Tengrinews asked several experts about their opinions on the risks related to Kazakhstan's national currency - the tenge.

National Bank able to maintain tenge exchange rate for at least one year: expert