President Nazarbayev: Local banks will not go into bankruptcy

ASTANA. KAZINFORM - President of Kazakhstan Nursultan Nazarbayev has held a session on stimulation of entrepreneurship and financial sector rehabilitation in the Akorda presidential residence today, the president's press service reports.

"We have a robust economy and nothing catastrophic happened. Local banks will not go bankrupt," the Head of State said.

President Nazarbayev also added that the imminent bankruptcy of the BTA bank and other financial institutions was prevented back in 2009 in a move to preserve citizens' savings. "We won't let the banks fail. We guarantee the safety of people's savings," N. Nazarbayev stated.

"As for those who provoked recent financial distress in some banks of Kazakhstan, they have already been found and would be held liable. What we all want is peace and stability in Kazakhstan and this is a goal for the entire nation," the Kazakh leader stressed.