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Banking sector in Kazakhstan failed free market test

Business Materials 15 May 2009 17:40 (UTC +04:00)

Banking sector in Kazakhstan has failed free market test. The President of Kazakhstan, Nursultan Nazarbayev, said at the extraordinary XII congress of the People's Democratic Party Nur Otan, Kazakhstan Today reported.

"Banking sector has failed free market test, having become a conductor of external shocks caused by a chain reaction of spread of crisis impulses into the real sector," the head of the state said.

"As a result, the state as the creditor in the last instance has to compensate all the costs in the crisis conditions."

"It was necessary to rescue the banks that were on the verge of bankruptcy, to support savings of the population, to protect equity holders, and to support small and medium businesses," the President of Kazakhstan said.

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