Azerbaijan, Baku, July 12 / Trend S. Suleymanov /
KMG Exploration Production is changing its financial management policies, company spokesman Daulet Zhumadil said today.
"In accordance with these changes, our company will place its cash on deposit in local Kazakh banks, as well as international banks with a credit rating no lower than 'A.' The credit rating is no more than two points below Kazakhstan's sovereign rating," Zhumadil said.
He stressed that Kazakhstan's two largest banks - the People's Bank of Kazakhstan and Kazkommertsbank - are exceptions. Most of the company's deposits up until now have been placed in these banks.
"The cash management policy provides for the gradual reduction of the amount that can be placed in these two banks - to $ 750 million by late 2011," Zhumadil said.