OREANDA-NEWS. July 15, 2014. KICB Representative Office took part in the round table with the Chairman of the National Bank of Kazakhstan Mr. Kairat Kelimbetov.
 
The meeting was organized by the European Business Association of Kazakhstan (EUROBAK) on June 23, 2014 in the Ritz Carlton Hotel in Almaty. EUROBAK Chairman Mr. Mark Smith and his Deputy Mr. Gordon Haskins opened the event by welcoming of the Chairman of the National Bank of Kazakhstan and informed attendees about subject of the discussion: Financial and economic environment of Kazakhstan.

During the speech, Mr. Kelimbetov made a presentation about recent devaluation of the national currency, expected inflation in 2014, and development of financial sector in Kazakhstan. He mentioned that the National Bank of Kazakhstan has effectively devalued tenge by 20% by announcing a new central level for the USD/KZT of 185. With regard to results of devaluation, gross reserves of the National Bank returned to the previous level of KZT 28 billion, gross international reserves of the country plus the National Fund exceed KZT 103 billion. As for inflation, it is kept at the expected level of 6%-8%.

In general, growth economy prospects are good as Kazakhstan is strongly recovered from the recession of 2009. Mr. Kelimbetov said that the Government pays constant attention on the development of banking sector in Kazakhstan. At present preparation of some regulations on identification and prevention of factors, which can negatively influence on financial situation of tier-II banks, is conducted together with the National Bank.

Very soon it is planned an implementation of the conception of financial sector development till 2030, regulation about investment climate improvement, and procedure on integration to WTO. At the end of the presentation Mr. Kelimbetov noted that favorable geographic location; initiatives on regional integration; and improvement of business climate are three key factors, thanks to which Kazakhstan strengthens its positions as an attractive trend for foreign investors.