Kazakhstan National Bank working to "reset" financial sector
Baku, Azerbaijan, Jan. 11
By Ali Mustafayev - Trend:
The National Bank will continue the work to "reset" the financial sector of Kazakhstan as part of the instruction of President Nursultan Nazarbayev, said the National Bank Chairman Daniyar Akishev on January 11 at a meeting of parliament of the country.
Presently, the process of strengthening regulatory and supervisory functions of the National Bank is coming to an end.
"As part of 'reset' of the financial sector, the National Bank implemented the Program on Improvement of Stability in the Banking Sector in 2017. The balance of Kazkommertsbank has been completely cleared of BTA Bank's loans. The National Bank approved the participation of five banks in a recovery program on the principles of joint participation of shareholders in capitalization and repayment of state aid," he said.
He added that individual member banks of the program have already received positive ratings from several rating agencies.
Akishev also said the National Bank is working out the mechanisms for finalizing the issue of mortgage loans for population.
He also said the National Bank drafted a bill for development of the insurance sector, which is under consideration by the parliament of Kazakhstan. The bill is aimed at increasing the availability and quality of insurance services, strengthening the protection of consumer rights, and ensuring the financial stability in the insurance market.