National Bank: Kazakhstan's economy is stable

Business Materials 27 January 2012 15:49 (UTC +04:00)

Azerbaijan, Baku, Jan. 27 / Trend E. Kosolapova/

Excess liquidity of the Kazakh banking sector and high price for raw materials exported by Kazakhstan to world markets will ensure an economic stability of the country if economic crisis occurs, Novosti-Kazakhstan quotes National Bank chairman Grigory Marchenko as saying on Friday.

"Exchange rate is stable, retail and enterprise deposits into the banking sector are growing. Thus, economic situation is very good according macroeconomic indicators," Marchenko told journalists in Astana.

According to Marchenko, raw materials prices are currently even higher than optimal level.

"Therefore, if raw materials prices drop by 10 percent, it will not greatly affect Kazakhstan," Marchenko said.

Moreover, the banking sector's excess liquidity hit $12-$13 billion, Marchenko said.