09:21, 11 November 2009 Page views 247 views

Kazakhstan can limit foreign participation in the banking system

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According to Grigory Marchenko, Chairman of National bank of Kazakhstan, Kazakhstan can limit foreign participation in banks and financial companies in the country.
He said, that the global crisis has shown the vulnerability of those countries, where foreign banks played a considerable role. Banks of Kazakhstan actively attracted the foreign capital, have suffered from the credit, and then, from global financial crises. Three credit organizations, including the second largest bank of the country, were not able to pay off their multibillion debts.

“If the share of foreign banks grows, in the future at some instant this issue will need to be brought up,” –Marchenko noted. He also added, that at present in Kazakhstan the share of foreign banks was small, therefore we didn’t need to put such restrictions.


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