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Banking system of Kazakhstan demonstrates stability in crisis situation - Economics Minister

Astana. March 25. Kazakhstan Today - The banking system of Kazakhstan demonstrates stability in the crisis situation. The Minister of Economics and Budgetary Planning Bahyt Sultanov said in the interview to the official newspaper Kazakhstan Pravda on Monday, the agency reports. "Notwithstanding the deficit of external funding of the banks of the second level, the domestic financial system has survived even at the default times in some large western financial institutions," he explained. The Minister of Economics emphasized that for the half a year, since the beginning of the US hypothecary crisis, none of the Kazakhstan banks has gone bankrupt. The banks, having to pay off external loans, continue to pay without support of the state. "The state has allocated the funds through the Fund of Steady Development Kazyna so that the banks are able to continue paying off external debts and financing the Kazakhstan internal projects, such as construction, small and medium business, investment projects), B. Sultanov reminded. Last year it allocated $1.1 billion. "The government will further make every effort to maintain high level of domestic business. As the leader of the state said in the Message to the People of Kazakhstan: developed enterprise sector is the basis of economy of a country," B. Sultanov emphasized.

Resourse: Kazakhstan Today

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