No need to restrict foreign banks' participation in Kazakhstan's financial sector

ASTANA.  November 10. KAZINFORM  /Serik Sabekov/ Kazakhstan does not experience a necessity to impose restrictions on foreign banks' participation in the country's financial sector, Grigory Marchenko, Chairman of the National Bank of Kazakhstan, has made it public at the Cabinet's sitting today.

According to Marchenko the share of foreign banks in Kazakhstan is low enough compared to Eastern Europe and Baltic States," therefore we do not need to implement such measures", he noted.

"If the share of foreign banks grows this problem will be raised again, but it should be noted that this problem will be resolved with adoption of a certain law and its discussion only", he stressed.

"Thus, it means that the Financial Supervision Agency and National Bank will not be the only bodies to resolve the problem.  37 banks in Kazakhstan are foreign ones to date. If the banks fulfill all requirements we set we do not expect sharp reduction of the number of banks in our country. Moreover, due to development of Almaty as a regional financial centre, foreign banks will continue opening its branches and offices in Kazakhstan", he clarified.