Kazakhstan to develop financial sector development concept by June

Photo: Kazakhstan to develop financial sector development concept by June / Kazakhstan

Baku, Azerbaijan, April 16

By Elena Kosolapova - Trend:

Kazakh President Nursultan Nazarbayev ordered the Government and the National Bank to develop a concept for financial sector development through 2030, Kazakh presidency reported on April 16.

"For further strengthening of the financial sector, the National Bank with the Government is developing a concept for financial sector development through 2030. This work should be completed by June," Nazarbayev said at a meeting with the country's financial officials.

The meeting was attended by Head of the Presidential Administration Nurlan Nigmatullin, chairman of the National Bank Kairat Kelimbetov, Deputy Prime Minister - Finance Minister Bakhyt Sultanov, Assistant to the President for Economic Affairs Erbol Orynbaev and Minister of Economy and Budget Planning Erbolat Dosaev.

The current issues and problems of the financial sector were discussed, and the National Bank reported about its activity in 2013 and in the first quarter of 2014 during the meeting.

Kazakh president assessed development of the country's financial sector as stable.

"Loans in the economy increased by 13 percent compared with the previous year. Volume of people's deposits reached 10 trillion tenge (182.07 tenge = $1). The resourses of the National Fund, which guarantees our economic security increased by almost 22 percent in one-year period and exceeded $70 billion. The insurance market is also growing, its assets increased by 18 percent in the reporting period," Nazarbayev said.

Within the meeting the president instructed the National Bank and the Government to reduce the level of non-performing loans in Kazakh banks' portfolios, ensure the transition of the banking sector to Basel III standards, strengthen the protection of the consumers' rights, improve financial services quality and develop the securities market.
Edited by C.N.

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