site.news_by_theme National Bank

In his State of the Nation Address January 27, 2012, President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks.

The membership will enable the National Bank to rely on effective support of the Organization to introduce and regulate Islamic financial services in Kazakhstan.

In a separate statement he didn’t rule out a possibility of a single currency within the Common Economic Space within 8-10 years’ time.

He also stressed that according to the National Bank’s estimates, in 2012 funds of the National Oil Fund may not be needed for such projects.

According to him, the major issue how to manage the funds. The management, in its turn, will depend on possible manifestations of the anticipated crisis.

In April the key rate could be slashed even further if the inflation rate remains at the current level: National Bank’s Governor

Assets of the current 38 second-tier Kazakhstan’s banks as of January 1, 2012 made up $86.5 billion, growing by 6.5% throughout 2011.

Last week a number of media had reported that BTA might merge with another large bank.

Renovation of 5000 tenge note is related to introduction of a new series of banknotes called Samruk.

Commemorative coins dedicated to one hundred anniversary of Dinmukhamed Kunayev, a Soviet public figure, were issued in Kazakhstan.

A newly-designed five thousand tenge banknote was issued in Kazakhstan on December 30, 2011.

This measures means that in case of a bank winding-up the Deposit Guarantee Fund (owned by the National Bank of Kazakhstan) will compensate each individual depositor for the lost savings within KZT 5 million.

Assets of the National Oil Fund as of the end of December totaled $43.693 billion, 41.04% up against the end of 2010.

The National Bank of Kazakhstan has issued the Year of Dragon commemorative coins with a nominal value of 500 tenge.

We are cautious when managing the assets and I believe the National Bank has been doing it with professionalism: Gregory Marchenko.

When speaking of the importance of a single policy, Mr. Marchenko pointed to the substantial difference in volatilities of national currencies of the Customs Union member states against the US Dollar.

The figure made up $32.065 billion.

National Bank of Kazakhstan has issued Moose Head and Karaganda commemorative coins.

According to Mr. Marchenko, deposits are growing, with deposits shifting from the US Dollar to the tenge.

When it comes to domestic demand, the Kazakhs have been more interested in silver, according to Mr. Marchenko.