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Additional capitalization of Samruk-Kazyna Fund to take place this week - Masimov

Astana. November 3. Kazakhstan Today - Additional capitalization of the Fund of National Welfare Samruk-Kazyna will take place this week. The Prime Minister of Kazakhstan, Karim Masimov, informed today during his speech for the Senators, the agency reports. "The Fund of National Welfare Samruk-Kazyna was created and this week it will be additionally capitalized for $5 billion," K. Masimov informed. "In the opinion of some of the international experts and rating agencies, the banks need to estimate credit risks more conservatively that proves to be true by dynamics of deterioration of credit portfolios of the banks," he continued. "Taking into account the situation in the foreign markets where access of banks to the sources of external financing is extremely limited, it is obviously necessary to provide in the shortest terms increase of capitalization of the banking system in order to prevent loss of its stability," the Prime Minister emphasized. He reminded that the agency of financial supervision prepares a package of measures on change of prudential regulations directed at increase of capitalization of the banks. "We have suggested four system formative banks to hold additional capitalization. I would like to thank the banks, their shareholders, and their management that they have responded to our initiative," K. Masimov said.

Resourse: Kazakhstan Today

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