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Toxic Assets Fund has been slow to buy out toxic assets: Central Bank Governor

Kazakhstan’s banks should sell their NPLs at a reasonable discount (…) they had better not concentrate on such NPLs; let the Toxic Assets Fund deal with them: Gregory Marchnko.

Toxic Assets Fund has been slow to buy out toxic assets: Central Bank Governor
Central Bank Governor Gregory Marchenko. © Yaroslav Radlovsky
Central Bank Governor on devaluation of the national currency, the Tenge

According to him, since February 2009 the Tenge has grown against the Dollar by 12%.

Central Bank Governor on devaluation of the national currency, the Tenge
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Legislation on the single chain of ATMs run by the Central Bank to be drafted by July 1: Central Bank Governor

I believe we should work out an option acceptable for most of the country’s banks: Gregory Marchenko.

Legislation on the single chain of ATMs run by the Central Bank to be drafted by July 1: Central Bank Governor
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Kazakhstan’s Central Bank Governor on single currency within Customs Union

It could take us a decade if we build on the Eurozone experience, he believes.

Kazakhstan’s Central Bank Governor on single currency within Customs Union
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Central Bank Governor on pension reforms

According to Mr. Marchenko, 72% of the current retired people are females with the other 28% being males.

Central Bank Governor on pension reforms
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Kazakhstan might launch a single system of ATMs operated by the Central Bank

According to Gregory Marchenko, the Central Bank Governor, the suggested single system of ATMs will enable to cut down the service fee twofold as compared to the current average rate.

Kazakhstan might launch a single system of ATMs operated by the Central Bank
Kazakhstan National Bank. Photo by Yaroslav Radlovskiy©
Kazakhstan's balance $1.65 billion in black

Kazakhstan's current accounts balance was $1.65 billion in surplus in January-March 2013.

Kazakhstan's balance $1.65 billion in black
Photo courtesy of deswal.ru
Kazakhstan's Q1 gold and FX reserves announced

The National Oil Fund’s assets as of April 1, 2013 stood at $59.806, 3.53% up against the start of the year.

Kazakhstan's Q1 gold and FX reserves announced
New 2,000-tenge banknote
Kazakhstan National Bank issues new 2,000-tenge note

Kazakhstan National Bank has issued a newly redesigned 2,000-tenge banknote.

Kazakhstan National Bank issues new 2,000-tenge note
Central Bank Governor believes it’s time local banks turned to external borrowing

He reminded that the banking sector’s debt reached its peak back in 2007 making up $47 billion, whereas today the figure stands at $10.6 billion.

Central Bank Governor believes it’s time local banks turned to external borrowing
Governor of the National Bank of Kazakhstan Gregory Marchenko. Photo by Yaroslav Radlovskiy©
To launch the single pension fund, amendments are to be introduced into 22 laws and 8 Codes: Central Bank Governor

Should the amendments be passed in the autumn only, no consolidation could take place.

To launch the single pension fund, amendments are to be introduced into 22 laws and 8 Codes: Central Bank Governor
Kazakhstan National Bank. Photo by Yaroslav Radlovskiy©
Kazakhstan to retain inflation at 6-8 percent

Kazakhstan National Bank has approved the Key Monetary Policies of Kazakhstan for 2013.

Kazakhstan to retain inflation at 6-8 percent
Governor of the National Bank of Kazakhstan Gregory Marchenko. Photo by Yaroslav Radlovskiy©
National Bank Governor warns against dominance of public bodies reps in the Single Pension Fund Board

According to him, in the long run the Government may need money to cover the budget deficit or finance some state-run projects and there might be a temptation to rely on pension savings.

National Bank Governor warns against dominance of public bodies reps in the Single Pension Fund Board
National Bank Head Gregory Marchenko. Yaroslav Radlovsky©
National Bank Governor on ways current pension funds could take

They can be transformed into asset management companies; they can be transformed into pension funds working with voluntary savings schemes; or they can wind up and exit the market: Gregory Marchenko.

National Bank Governor on ways current pension funds could take
National Bank Head Gregory Marchenko. National Bank Press Servive©
National Bank Governor on investing pension assets into infrastructure projects

Pension savings are to be consolidated into a single pension fund by July 1, 2013.

National Bank Governor on investing pension assets into infrastructure projects
Photo courtesy of azh.kz
Gold coin dedicated to Asian Games sold for $60 thousand

The National Bank of Kazakhstan released 20 thousand coins with a nominal value of 5 thousand, 500 and 100 tenge dedicated to the Asian Games.

Gold coin dedicated to Asian Games sold for $60 thousand
Photo courtesy of deswal.ru
Kazakhstan boosting share of gold in gold and FX reserves

According to National Bank Vice Governor Bissengali Tadzhiyakov, the share of gold in the country’s gold and FX reserves stands at 22% at the moment.

Kazakhstan boosting share of gold in gold and FX reserves
National Bank of the Republic of Kazakhstan. ©Vladimir Dmitriyev
National Bank of Kazakhstan launched online sales of commemorative coins

Commemorative coins released by Kazakhstan's central bank mint can now be bought from the National Bank’s online shop.

National Bank of Kazakhstan launched online sales of commemorative coins
Gregory Marchenko. By Vladimir Dmitriev ©
Current pension funds could be transformed into asset management companies: Central Bank Governor

According to him, the Government is to hire an assessment company to fairly and independently evaluate the assets so that they could be bought out later on at a fair market value.

Current pension funds could be transformed into asset management companies: Central Bank Governor
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
National Bank refutes alleged resignation of its Governor Gregory Marchenko

According to the Bank’s PR Department, Mr. Marchenko hasn’t filed and doesn’t plan to file in resignation before the tenure expires.

National Bank refutes alleged resignation of its Governor Gregory Marchenko