Kelimbetov Replaces Marchenko at Kazakh Central Bank

October 1, 2013

K.KelimbetovKairat Kelimbetov, a deputy prime minister, will replace Grigori Marchenko as central bank governor.

Kelimbetov, 45, was named in place of Marchenko, 53, who resigned for “family reasons” before his six-year term was set to end in January 2015, according to a statement published on President Nursultan Nazarbayev’s website today.

Kelimbetov’s knowledge of “the country’s economy and financial situation will have a positive effect on the work of the National Bank,” Nazarbayev said in the statement.

Kelimbetov, a graduate of Moscow State University and Georgetown University, was chief executive officer of Samruk-Kazyna when the government used the sovereign wealth fund to prop up banks hit by a credit squeeze in 2009. He became economic development and trade minister in April 2011 before being promoted to deputy prime minister in January 2012.

Asset Manager

The National Bank of Kazakhstan, which manages a stockpile of $92 billion including international reserves and the National Oil Fund, will also oversee the assets of a single state pension fund that will be formed next year. The central Asian nation is consolidating more than $21 billion of retirement savings from non-state funds to improve access to credit and mobilize resources for faster economic growth.

Source: Bloomberg