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Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Tengrinews©
Central Bank Governor on the upside and downside of the suggested single pension fund

According to him, if there is a single pension fund managed directly by the Government or by the National Fund, there will be no deals closed with affiliated companies.

Central Bank Governor on the upside and downside of the suggested single pension fund
Central Bank Governor Gregory Marchenko. Vladimir Dmitriyev ©
National Bank shouldn’t act as both the owner and regulator of the single pension fund: Gregory Marchenko

President made the decision to the benefit of the nation (…) and it will be brought to life, Central Bank Governor pledged.

National Bank shouldn’t act as both the owner and regulator of the single pension fund: Gregory Marchenko
Photo by Yaroslav Radlovskiy©
Kazakhstan National Bank's 2013 inflation and GDP forecasts

According to Kazakhstan National Bank, the country’s inflation will stay within 6-8 percent, while the GDP growth may reach 6 percent.

Kazakhstan National Bank's 2013 inflation and GDP forecasts
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Tengrinews©
Kazakhstan businessmen avoid POS-terminals, Marchenko concerned

Head of Kazakhstan’s National Bank says Kazakhstan businesses are poorly prepared to accept card payments because they don't want to install POS-terminals.

Kazakhstan businessmen avoid POS-terminals, Marchenko concerned
The retired in Almaty. © Yaroslav Radlovsky
Central Bank Governor Gregory Marchenko refuses to comment on efforts to raise retirement age

According to him, the Government and the Parliament will be responsible for any final decisions.

Central Bank Governor Gregory Marchenko refuses to comment on efforts to raise retirement age
Toughening of the country’s retirement legislation may cause social tensions
Toughening of the country’s retirement legislation may cause social tensions

We have to admit the country’s pension system has faced a crisis. Peniosn funds are ineffective in managing the money. Inflation is eating the accumulations, a Majilisman believes.

Toughening of the country’s retirement legislation may cause social tensions
Gregory Marchenko. By Vladimir Dmitriev ©
Central Bank Governor reports to President Nazarbayev

At the meeting they dwelt on ways to expand lending through attracting fund from pension funds, insurance companies and foreign investors.

Central Bank Governor reports to President Nazarbayev
Photo by Daniyar Bozov©
Almaty rallies against Marchenko's retiremen age initiative

Besides adopting a resolution - Say no to raising retirement age! Fire Marchenko! - the protestors also target private pension funds in Kazakhstan.

Almaty rallies against Marchenko's retiremen age initiative
Head of Kazakhstan National Bank Gregory Marchenko. Photo by Danial Okassov©
Marchenko keeps advocating raise of retirement age in Kazakhstan

We have submitted our suggestions to the previous Prime-Minister and Ministry of Labor and Social Protection: Marchenko.

Marchenko keeps advocating raise of retirement age in Kazakhstan
Kazakhstan’s Central Bank Governor criticizing those taking consumer loans
Kazakhstan’s Central Bank Governor criticizing those taking consumer loans

According to him, people tend to overestimate their earning abilities.

Kazakhstan’s Central Bank Governor criticizing those taking consumer loans
Gregory Marchenko. By Vladimir Dmitriev ©
Disposable income earners ready to participate in the People’s IPO make up 10 000 – 20 000: Central Bank Governor

According to him, speculations on the poor being supposedly able to participate in the Program are a sign of misunderstanding. The poor are not interested.

Disposable income earners ready to participate in the People’s IPO make up 10 000 – 20 000: Central Bank Governor
Central Bank Governor Gregory Marchenko. © Yaroslav Radlovsky
Kazakhstan’s international reserves grow to $85.5 billion

According to the Central Bank Governor, since the start of the year $2.2 billion has been channeled to fill the National Oil Fund.

Kazakhstan’s international reserves grow to $85.5 billion
Nursultan Nazarbayev. © Daniyal Okassov
Kazakhstan’s Central Bank Governor tasked with further reforming the pension system

Earlier Tengrinews.kz reported that Mr. Marchenko doesn’t support the World Bank’s suggestion on launching a single pension fund.

Kazakhstan’s Central Bank Governor tasked with further reforming the pension system
Gregory Marchenko. Photo by Vladimir Dmitriyev©
Marchenko among world's top central bankers

Global Finance magazine made a rating of the managers of Central Banks of 50 countries.

Marchenko among world's top central bankers
Photo courtesy of newskaz.ru
Central Bank Governor on the tenge and growing demand for the US Dollar

Late May the global oil price fell from $120 to $93 per barrel, which entailed weakening of the Russian rouble. Speculations were sparked that Kazakhstan would follow Russia’s example.

Central Bank Governor on the tenge and growing demand for the US Dollar
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Kazakhstan Central Bank Governor on slashing the key rate

Mr. Marchenko elaborated that so far the National Bank has no plans to revisit the anticipated inflation corridor of 6-8% downwards for the following year.

Kazakhstan Central Bank Governor on slashing the key rate
©REUTERS
Kazakhstan’s gross foreign debt as of March 31, 2012 stood at $129.3 billion

According to Mr. Marchenko, the debt of the Government and the National Bank make up 4% of the overall debt figure, that is $5.2 billion.

Kazakhstan’s gross foreign debt as of March 31, 2012 stood at $129.3 billion
National Bank’s Governor Gregory Marchenko. © Yaroslav Radlovsky
Kazakhstan Central Bank’s Governor on economic prospects

The worst scenario envisages measures in case the oil price hits the bottom of $40 per barrel. The Government in partnership with the National Bank have developed respective action plans, incentives to support the economy: Gregory Marchenko.

Kazakhstan Central Bank’s Governor on economic prospects
Photo courtesy of realestate.com.au
National Bank’s Governor doesn’t rule out further slashing down the key rate

In the H1 2012 Kazakhstan slashed its key rate three times: in February from 7.5% to 7%, in April from 7% to 6.5% and in June from 6.5% to 6%.

National Bank’s Governor doesn’t rule out further slashing down the key rate
nnm.ru
Kazakhstan to shortly ban Ponzi schemes

The country’s General Prosecutor’s Office is drafting amendments [before September 2012] into the national legislation to introduce liability for those starting or running Ponzi schemes.

Kazakhstan to shortly ban Ponzi schemes