site.news_by_theme National Bank

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.

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.

The step is related to slowing down in the annual inflation in Kazakhstan: National Bank.

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%.

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.

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.

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%.

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.

The Fund’s assets in 2011 and the H1 2012 grew by $20.8 billion: National Bank’s Governor Gregory Marchenko.

Kazakhstan National Bank will attract Kazakhstan manufacturers for the next cars procurement tender.

According to him, speculations on a second possible wave of the global financial crisis will be persistent for at least another 9 months until the Bundestag election is over and Eurozone issues are resolved.

In August 2011 the National Bank announced it would be exercising its preemptive right to purchase gold to be produced within Kazakhstan.

He noted that the lowest inflation rate since 1999 is bolstered by a number of factors, including somewhat decreasing prices for foodstuffs and crude oil.

According to the National Bank, in the Q1 2012 the foreign debt of the banking sector grew by 1.5% up to $14.823 billion.

According to him, the Government and the National Bank should take into consideration that local banks not always enjoy the same competitive advantage as foreign ones.

National Bank's chairman Gregory Marchenko told the senators his opinion of the prospect of creation of the agricultural bank in Kazakhstan.

According to him, “for the recent year the nation’s exports potential has grown 40%”.

The retirement age should be leveled for men and women in Kazakhstan if for no other reason than because women of the older generation are more qualified and experienced: Marchenko.

There is a clear signal that both cost of borrowed money and interest rates on loans should be lowered: Central Bank Governor.

So far we don’t plan to further change the breakdown of currencies in the nation’s currency reserves: Central Bank Governor.