National Bank's 2011 report reviewed

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ASTANA. April 10. KAZINFORM Kazakh President Nursultan Nazarbayev held a meeting at which the report of the National Bank for 2011 was reviewed, the press service of the President said.

The meeting was attended by the Head of the Presidential Administration Aslan Musin, Chairman of the National Bank Grigory Marchenko, Deputy Prime Minister Kairat Kelimbetov, Chairman of the Board of JSC "National Welfare Fund" Umirzak Shukeyev, Deputy Head of the Presidential Administration Bakhyt Sultanov, Minister of Finance Bolat Zhamishev, Minister of Economic Development and Trade Bakytzhan Sagintayev, the management of the National Bank, as well as the head of the Committee for the Control and Supervision of Financial Market and Financial Organizations of the National Bank.

- Despite the difficult situation in world markets last year was successful for Kazakhstan. As a result of measures taken to increase the diversification of the economy and domestic demand, as well as improvement of the favorable pricing environment for major Kazakh exports, GDP growth reached its highest level over the past three years and was 7.5%, said Nursultan Nazarbayev opening the meeting.

However, the Head of State stressed that threats to the global economy and financial system remain. In addition, the President drew attention to the poor quality of loan portfolio and a low credit activity of banks.

- Together with the Government it is necessary to stimulate and intensify the work of domestic banks. It is also needed to stabilize the banks that underwent restructuring - "BTA Bank" and "Alliance Bank", - said Nazarbayev.

G.Marchenko reported to the President on the activity of the National Bank on control over inflationary processes and exchange rate policy. Presenting the report of the National Bank, G. Marchenko noted that the last year was good for Kazakhstan on all major macroeconomic indicators.

Following the meeting the President gave specific instructions regarding the exchange rate policy, the need to keep inflation in the forecast corridor and restore order in the pension funds.

In addition, the President drew attention to the management of the assets of the National Fund, the insurance market development and coordination of monetary policy with the member countries of the Customs Union.

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