Kazakhstan urges foreign companies to keep funds in local banks

Aug. 18. Trend News. Astana

K. Konyrova

Kazakhstan urges foreign companies to keep funds in local banksForeign companies operating in Kazakhstan should keep their funds in Kazakh banks of the second category, Kazakh Prime Minister Karim Massimov said in Astana on Aug. 18.

“It is necessary to set a requirement on the amount of financial resources that foreign companies should keep in Kazakh banks,” Massimov said at a government meeting.

The head of government instructed heads of the State Agency for Financial Supervision and the National Bank to conduct this work.


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Banks’ foreign loans not to exceed 30% – Marchenko


Muratbek Makulbekov

Second-tier banks of Kazakhstan will be introduced a threshold level of external borrowings. Chairman of the National Bank Grigory Marchenko has announced it during the Government’s telephone conference today.

Following the chief banker’s report, Prime Minister Karim Massimov noted a threshold level of foreign borrowings for the second-tier banks should be established. According to the PM, this should be introduced namely in the crisis period since during economic revival it would be difficult.

G. Marchenko said the Concept of Development of Kazakhstan’s Financial Sector elaborated at present by the Bank provides for a fixed level of foreign borrowings at 30% of the total volume of foreign obligations.