Kazakhstan's banking sector reached the bottom this fall and is now on its way to recovery, according to a research report authored by Russian investment bank VTB Capital.
Economy
The fundamentals for the Kazakh tenge to appreciate are in place, central bank chairman Grigoriy Marchenko said on Wednesday, citing rising oil prices and improving current account.
The arrested Kazatomprom ex president Mukhtar Djakishev, who led the national uranium company, Kazatomprom, for nearly a decade and practically turned it into one of the world leading producers, believes that Russia is obstructing the development of the Kazakh nuclear sector.
Kazakhstan may introduce requirements for foreign companies to use domestic banks for banking services and local insurers for insurance services, central bank chairman Grigoriy Marchenko said on Wednesday.
By Nariman Gizitdinov and Denis Maternovsky
Kazakhstan plans to offer its first foreign-currency bonds in a decade next year, joining Russia in seeking to lure back investors as rising energy prices spur the former Soviet region's economic recovery.
Kazakhstan may limit foreign ownership of banks and other financial companies to reduce the risk of a credit crunch, central bank chairman Grigoriy Marchenko said on Tuesday.
Italian aerospace and defense company Finmeccanica has signed a memorandum of understanding with a Kazakhstan sovereign wealth fund for a raft of cooperation deals.
According to Mr Duysenbay Turganov deputy minister of energy and mineral resources of Kazakhstan in 2009 Kazakhstan will reduce its coal output by about 12 million tonnes YoY to around 93 million tonne.
BTA Bank, until recently Kazakhstan’s biggest bank, lost KZT2 trillion ($13.4 billion) in January through September, the bank reported on Thursday.
Kazakhstan’s current account deficit in the first nine months of 2009 totaled $3.4 billion, the National Bank of Kazakhstan reported last week.
Experts of the Committee against Torture Commend Kazakhstan for Enhanced Legislation
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