The financial sector is stable, President says

April 17. Kazpravda

By Vladimir OSIPOV

The financial sector is stable, President saysPresident Nursultan Nazarbayev convened a meeting at Akorda to hear the National Bank’s report.

The meeting was attended by the Head of the Presidential Administration Nurlan Nigmatulin, National Bank chairman Kairat Kelimbetov , Deputy Prime Minister – Minister of Finance Bakhyt Sultanov , Assistant to the President for Economic Affairs Yerbol Orynbaev , Minister of Economy and Budget Planning Erbolat Dossaev , as well as deputy chairmen of the National Bank.

The meeting discussed the current matters and goals of the financial sector and heard National Bank’s performance report of 2013 and I quarter of 2014.

The President called the current financial sector development in the country generally stable.

– Loans in the economy increased by 13 % compared to the previous year, the population’s deposits reached 10 trillion tenge. The National Fund assets exceed $ 70 billion, grown by almost 22% in the current year. Pension funds have merged into the State-run Single Pension Fund. The insurance market assets went 18% up during the reporting period. To further strengthen the financial sector, the National Bank and the Government are working out a concept of financial sector development until 2030, which should be ready by June this year, – Nursultan Nazarbayev ordered.

K.Kelimbetov reported on the fulfillment progress of the tasks the NB is assigned with, namely in the monetary policy and maintaining stability of the financial system.

Subsequent to the report the President gave instructions to the National Bank and the Government to reduce non-performing loans in second-tier banks’ portfolio, to ensure the transition of the banking sector to the Basel III standards of the capital, enhance clientele’s protection, improve service quality and develop securities market, the Akorda press service reported.