Nazarbayev To National Bank Chief: “Fear Nobody, Nobody”

Kazakhstan Cenbank Blames Weak Tenge On Rouble, Speculation

Kazakhstan’s President Nursultan Nazarbayev at the expanded session of the Government on February 3 spoke words of support to the Chairman of the National Bank of Kazakhstan Daniyar Akishev, a week after rumours about his detention.

“The more the National Bank does to restore order, the more people rebuke the chairman, whom I support for 100%. The rebukes come from shareholders and sponsors, who are sitting right here, right now in this room. Fear nobody, nobody,” Nazarbayev told to Akishev.

“The National Bank did competent job in times of challenges we had past year,” Nazarbayev stressed.

“Now I ordered the Bank’s supervision and regulation capabilities be backed by legislation. And intervention in the National Bank’s affairs should be considered interference in the affairs of financial system of Kazakhstan, which is punishable,” said the head of state.

The country’s banks are weak right now, noted Nazarbayev.

“When crisis came to the world, Exxon and Mobil decided to merge, Shell and British gas decided to merge. Let it be. Shareholders are putting their money in if they want to save the bank. No other ways to save banks… Be brave, and fear nobody,” Nazarbayev told the Chairman of the National Bank.

On January 27, an information about the detention of the Chairman of the National Bank of Kazakhstan Daniyar Akishev circulated in the social media among some Kazakhstan-based users. Following the allegations, the Bank made a statement strongly denying the reports and vowing to bring those responsible for spreading false information to justice.

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