Marchenko: Customs Union will not impact Kazakhstan’s monetary policy at early stages


Yekaterina Ionova 

Marchenko: Customs Union will not impact Kazakhstan's monetary policy at early stagesAt the early stages the Customs Union together with Russia and Belarus will not influence Kazakhstan’s monetary policy, Kazinform cites Grigory Marchenko, Chairman of the National Bank. He said this during an online conference at Bnews portal in Almaty today.

According to Marchenko, everything depends on further development of the relations among our countries. “If we experience closer relations and coordinate our tax and economic policies we will be able to move toward coordinated financial policy and to single supranational currency”, he said.

The chief banker gave an example of the European Union which had concentrated its efforts on cooperation in economy since 1950. “After then it moved to cooperation in finances, a European Central Bank began functioning and imitation of the currency was started”, he explained.

Coordination of monetary policy is a final stage of integration among the countries. “It is impossible to avoid all processes and introduce single supranational currency at once”, G. Marchenko noted.

After all macroeconomic parameters are adjusted (which will take about five years) a supranational institution which will focus on coordination of monetary policy can be established. A supranational central bank will be created on its ground and only after then non-cash currency and currency in cash will be imitated.

“All those processes in Europe took several decades. Kazakhstan can spend only in 7-8 years for it. However, no practical steps in this direction were made still”, Marchenko highlighted.

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Third part of banks’ foreign debt paid off – Marchenko


Yekaterina Ionova

Kazakhstan banks have already paid off over third of their foreign debt, Chairman of the National Bank Grigory Marchenko has informed in the course of the online conference  at Bnews portal in Almaty today.

“At the peak of the crisis in 2007 the foreign debt of the Kazakhstan banking sector made USD 46 bln that was over 50% of GDP. To date the banks have already paid off over third of it. Two major banks – Alliance and BTA – which possess more than 40% of the debt are in process of foreign debt restructuring. After the restructuring the foreign debt will be reduced by several milliards of the US dollars”, G. Marchenko noted.

“After completion of the restructuring the foreign debt will make 25% of the country’s GDP.

At present external debt of the banks is 32%, after restructuring it will decrease up to 30%. I think the banks will enter the foreign markets next year”, he added.

“In 1993 there were 230 banks in Kazakhstan; the task on consolidation of the banking sector was solved in 90s. It is no matter how many banks in Kazakhstan function. The most important thing is maintaining competitive environment, lowering interest rates for the population and our enterprises”, he said.

According to Marchenko, the deposits of the population have risen by 24% in nine months of 2009 which demonstrated growth of people’s trust to the banks.