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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.
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.
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%.
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.
President also stressed that the National Bank should develop extra incentives to reduce dollarization of the banking sector.
Kazakhstani banks have reduced their external debt by $2.4billion.
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.
Altogether, there are 9.7 million accounts, with the overall savings amount standing at $21.3 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.
Amid adjustments of microeconomic indicators for the year 2014 the Kazakhstan Government has revised its budget.
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.
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.
The Governor of Kazakhstan National Bank Kairat Kelimbetov has commented the mass SMS distribution about the bankruptcy of 3 banks of Kazakhstan.
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.
Misleading wave of sms in the country resulted in deposit run.
Deputy Chairman of the JSC GNPF Accumulative Pension Fund Ruslan Erdenayev guaranteed the safety of the pension savings.
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.
In view of the devaluation of the national currency - the tenge, the central bank of Kazakhstan believes that escalation of inflation is quite possible.
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
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.