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Kairat Kelimbetov. © Yaroslav Radlovsky
$1.3 billion was withdrawn from Kazakhstan’s banks in deposit run following misleading sms campaign

Following the 20% currency devaluation in February that there had been a wave of sms spreading information on allegedly approaching bankruptcy of Allaince, Kaspi and Center Credit.

$1.3 billion was withdrawn from Kazakhstan’s banks in deposit run following misleading sms campaign
Nursultan Nazarbayev. Photo courtesy of akorda.kz
President Nursultan Nazarbayev on the country’s financial industry

Head of State gave a number of instructions to the National Bank and the Government to reduce the share of NPLs, accelerate introduction of Basel III standards, and strengthen safeguards to protect the rights of consumers of banking products.

President Nursultan Nazarbayev on the country’s financial industry
fastloanusa.com
Kazakhstan bank assets to reach 80% of GDP by 2020

According to the National Bank, from 2011 to 2013 Kazakhstan-based banks’ assets grew by 28.5% to reach $85 billion, with the assets to the GDP ratio diminishing from 55% to 46%.

Kazakhstan bank assets to reach 80% of GDP by 2020
© eff-com.ru
$2.7 billion out of Kazakhstan National Oil Fund to stimulate economy in 2014

One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015: Minister of Economic Affairs.

$2.7 billion out of Kazakhstan National Oil Fund to stimulate economy in 2014
©kapital.kz
President Nazarbayev instructs to develop strategy to invest assets of Single Pension Fund

President also stressed that the National Bank should develop extra incentives to reduce dollarization of the banking sector.

President Nazarbayev instructs to develop strategy to invest assets of Single Pension Fund
Photo © RIA Novosti
Kazakhstani banks reduce external debt by $2.4 billion

Kazakhstani banks have reduced their external debt by $2.4billion.

Kazakhstani banks reduce external debt by $2.4 billion
© eff-com.ru
Kazakhstan’s international reserves figure announced

The gold and FX reserves of the National Bank for the period grew by 7.45% to reach $26.517 billion, with the assets of the National Oil Fund growing by 3.18% for the period to reach $72.787 billion.

Kazakhstan’s international reserves figure announced
Single Pension Fund. ©mail.ru
Merger of pension funds to form a single entity complete in Kazakhstan

Altogether, there are 9.7 million accounts, with the overall savings amount standing at $21.3 billion.

Merger of pension funds to form a single entity complete in Kazakhstan
Photo courtesy of indiatimes.com
Kazakhstan’s 2013 external debt figure grows from $136.922 billion to $148.753 billion

The Central Bank elaborated that the debt of the country’s banking system decreased for the period by 17.5% down to $11.160 billion.

Kazakhstan’s 2013 external debt figure grows from $136.922 billion to $148.753 billion
 Minister of Economy and Budget Planning Erbolat Dosayev. Photo a courtesy of tengrinews.kz
Kazakhstan Government increases reserve fund by $250 million after tenge devaluation

Amid adjustments of microeconomic indicators for the year 2014 the Kazakhstan Government has revised its budget.

Kazakhstan Government increases reserve fund by $250 million after tenge devaluation
© tengrinews.kz
Central Bank toughens requirements to borrowers

Earlier Kazakhstan’s President Nursultan Nazarbayev commissioned banks’ heads to reduce the share of NPLs “in any possible ways” to 15% of their portfolio by 2015 and further to 10% by 2016.

Central Bank toughens requirements to borrowers
Nursultan Nazarbayev. Marat Abilov ©
We will not let Kazakhstan-based banks fail: President Nazarbayev

President reminded that the National Fund had already played a crucial role to support the national economy against the backdrop of the global financial crisis.

We will not let Kazakhstan-based banks fail: President Nazarbayev
The Head of National Bank of Kazakhstan Kairat Kelimbetov. ©primeminister.kz
Damage dealt to Kazakh banks by SMS-campaign being calculated

The Governor of Kazakhstan National Bank Kairat Kelimbetov has commented the mass SMS distribution about the bankruptcy of 3 banks of Kazakhstan.

Damage dealt to Kazakh banks by SMS-campaign being calculated
Photo © Marat Abilov
Senator asking Central Bank Governor to raise interest rate on tenge-denominated deposits

Through the decision to raise the interest rate you could rehabilitate yourself at least a bit. The people believed you and you ditched them: Senator Svetlana Dzhalmagambetov.

Senator asking Central Bank Governor to raise interest rate on tenge-denominated deposits
Kairat Kelimbetov. Marat Abilov©
Central Bank Governor refutes rumors of banks bankruptcies

Misleading wave of sms in the country resulted in deposit run.

Central Bank Governor refutes rumors of banks bankruptcies
Photo © Marat Abilov
Single Pension Fund ensures safety of pension savings

Deputy Chairman of the JSC GNPF Accumulative Pension Fund Ruslan Erdenayev guaranteed the safety of the pension savings.

Single Pension Fund ensures safety of pension savings
Illustration a courtesy of Tengrinews
Kazakhstan National Fund allocates $5.4 billion to support economy

After the devaluation of tenge by 19% earlier this week, the National Fund of Kazakhstan decided to allocate $5.4 billion to support local business.

Kazakhstan National Fund allocates $5.4 billion to support economy
Photo © Marat Abilov
Possible inflation risks: National Bank

In view of the devaluation of the national currency - the tenge, the central bank of Kazakhstan believes that escalation of inflation is quite possible.

Possible inflation risks: National Bank
Kazakhstan's President Nursultan Nazarbayev meets with Prime-Minister Serik Alhmetov and the Head of National Bank Kairat Kelimbetov. Photo courtesy of akorda.kz
Tenge devaluation must not affect Kazakhstan people negatively: Nazarbayev

The tenge devaluation must not have any negative effect on the people of Kazakhstan, and no manipulation of prices or speculations shall be allowed: Nazarbayev

Tenge devaluation must not affect Kazakhstan people negatively: Nazarbayev
Photo © Marat Abilov
Dedollarization of Kazakh mentality: Governor of National Bank

The National Bank and Government of Kazakhstan are going to press on to dedollarize the economy and discourage Kazakhstanis from relying on the US dollar.

Dedollarization of Kazakh mentality: Governor of National Bank