National financial system stabilized: Head of State

sp;ALMATY. November 13. KAZINFORM /Daniyar Sikhimbayev/ "To date the financial system of the country has stabilized", Kazakh President Nursultan Nazarbayev stated while answering the question of an entrepreneur from Almaty during the hotline Thursday.

"Studying the history of the Great Depression of 30s in the USA I understood that the chaos begun from the bankruptcy of the first bank, allowed by the Government. We couldn't allow it. In this regard, the National Fund allocated KZT 480 bln for acquiring shares in the capital of four strategic banks of our country in order to provide liquidity and an opportunity for banks to pay off western debts", the Head of the State said.

"The financial system is stabilized today. Of course, it is not what it was before, but the situation has improved - the capital increased by 1.5%, economy crediting - by 7.6%. We conduct work on debts rescheduling. Investors or our creditors will take part in it partially. But we won't allow full possession of the strategic banks team by the foreign banks. This is the matter of the national security of the financial system of the country. But being financial experts you know that presence of foreign banks benefits the country", the President said.