Nazarbayev: No bank in Kazakhstan will go bankrupt

February 21, 2014

Kazakhstan will not allow bankruptcy of a single commercial bank, said President Nursultan Nazarbayev.

“We have a healthy economy, and nothing catastrophic has happened. None of the banks in the country will go bankrupt. We did not let it happen to BTA and other banks in 2009, because they held savings of our citizens. It will not happen now,” said the President at a meeting on entrepreneurship and financial sector.

“We guarantee the safety of deposits to the majority of population. Those who caused the commotion around an alleged bankruptcy of banks have already been identified and will be prosecuted. We all want peace and stability in our country and its our common goal. Everything that we planed, we always accomplished,” said Nursultan Nazarbayev.

The President during the meeting also noted that external sources of funding for businesses are largely unavailable, loans are very expensive, while the resources of the banking system are limited, since domestic banks are still recovering from the financial crunch. “Therefore, the National Fund has allocated 1 trillion tenge to prop up the economy,” said the president.

The National Fund played an important role during the global financial crisis in 2008-2009, when the allocated funds saved the economy and kept salaries and retirement pavement from sliding.

Source: Interfax-Kazakhstan