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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
Photo by Yaroslav Radlovskiy©
Kazakhstan National Bank slashes key rate

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

Kazakhstan National Bank slashes key rate
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Kazakhstan slashes the key rate from the current 6% to 5.5% from August 6

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%.

Kazakhstan slashes the key rate from the current 6% to 5.5% from August 6
©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
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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
Central bank Governor Gregory Marchenko. Vladimir Dmitriyev ©
National Oil Fund’s average annual earning capacity stands at 4.51%

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

National Oil Fund’s average annual earning capacity stands at 4.51%
Gregory Marchenko. Photo by Vladimir Dmitriyev©
Marchenko ready to buy foreign car at his own expense

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

Marchenko ready to buy foreign car at his own expense
 ©RIA Novosti
Economic uncertainty to last for at least another 9 months: National Bank Governor

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.

Economic uncertainty to last for at least another 9 months: National Bank Governor
19 out of 29 gold-mining companies pledge to supply gold to the Astana refinery

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

19 out of 29 gold-mining companies pledge to supply gold to the Astana refinery
Governor of the National Bank of Kazakhstan Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Annual inflation rate may be below 6% at the end of 2012: National Bank Governor

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.

Annual inflation rate may be below 6% at the end of 2012: National Bank Governor
© Yaroslav Radlovsky
Kazakhstan's gross foreign debt totals $129.3 billion in Q1

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.

Kazakhstan's gross foreign debt totals $129.3 billion in Q1
Share of banking services offered by foreign banks shouldn’t exceed 30%: President Nazarbayev

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.

Share of banking services offered by foreign banks shouldn’t exceed 30%: President Nazarbayev
Governor of the National Bank of Kazakhstan Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Marchenko is against agricultural bank in Kazakhstan

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

Marchenko is against agricultural bank in Kazakhstan
© Yaroslav Radlovsky
National Bank’s Vice Governor assures the tenge will remain stable for years to come

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

National Bank’s Vice Governor assures the tenge will remain stable for years to come
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Marchenko gave reasons for leveling retirement age

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.

Marchenko gave reasons for leveling retirement age
Gregory Marchenko. ©Vladimir Dmitriyev
Kazakhstan Central Bank may further slash its key rate to 5.25-5.5%

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

Kazakhstan Central Bank may further slash its key rate to 5.25-5.5%
© Yaroslav Radlovsky
Kazakhstan slashes the share of Euro in its FX reserves

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

Kazakhstan slashes the share of Euro in its FX reserves