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President content with sate agencies' efforts to ensure financial stability
Almaty, April 25, 2008
Interfax-Kazakhstan - President of Kazakhstan Nursultan Nazarbaev was, in general, satisfied with the progress made by the state agencies in ensuring the financial stability in the republic under the ongoing money market crisis.
The president emphasized the privities for 2008 at the Thursday government meeting with heads of state financial agencies in Almaty.
The president highlighted the need in bolstering the role of the National Bank in curbing inflation and made it the top priority along with financial stability,” according to the government’s press release.
National Bank head Anvar Saidenov, reporting on the bank’s performance last year said that “the Kazakhstan banking system and the financial system managed to stay afloat despite the volatility of capital markets and hurdlers it caused in the latter half of 2007.” He also said that the price escalation in Q1 2008 has slowed down.
The president assigned State Financial Supervision Agency chair Yelena Bakhmutova ”to step up efforts on monitoring the health of the banking system and to expand agency’s authorities through legislative work,” according to the statement.
Bakhmutova reported a significant slowdown in asset growth and credit portfolio of second tier banks and briefed on the progress in developing a system of financial risk assessment.