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Kazakhstan may close its financial market if capital outflow is too large - a source
Astana, November 9 2008
The Kazakh government may close the financial market should the capital outflow be too large.
"In September last year as much as $6 billion flew out of Kazakhstan at a time. That was speculative capital. If it happens again we shall have to close the market. If the capital starts outflow we shall act as Malaysia did," said a source in the government.
He said that capital outflow was not observed at the moment.
The source also said that Kazakhstan's external debts was about 4% of GDP, while the debts of the banking system came to $44 billion. "In 2009-2010 the banks have to pay 12 billion dollars. We are closing these issues as there is a debt restructuring plan in place," he said.