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National Bank lowered minimal reserve requirements by 1% starting from July 29

Almaty, June 26

The National Bank has reduced the minimal reserve requirements for second-tier banks by 1%.

"In order to regulate short-term liquidity of second-tier banks National Bank has changed minimal reserve requirements: instead of 6% for domestic liabilities and 8% for other liabilities, new rates of 5% and 7% respectively have been imposed," National Bank said in a press release.

New requirements will come into effect on July 29.

According to National Bank estimates, it will allow the banks to raise nearly 90 bl tenge in extra liquidity.

As reported, the National Bank postponed the introduction of new reserve requirements for commercial banks until July 1, 2008.

It was planned to impose 5% for domestic liabilities and 10% for other liabilities.

That was not the first delay in introducing new requirements. They were initially planned for August 29, 2007, but the date was pushed back to October 9 and then to January 15, 2008.

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