Kazakhstan insists on five-year-transition period for opening of direct branches of foreign financial organizations
Astana. December 3. Kazakhstan Today - Vice Minister of Industry and Commerce of Kazakhstan, Zhanar Aytzhanova, informed that Kazakhstan at the negotiations concerning entering WTO insists on a five-year-transition period for opening in the country of direct branches of foreign banks and insurance organizations. The Vice Minister informed at the government session on Tuesday, the agency reports. "During the negotiations the government along with Association of Financiers of Kazakhstan made the decision on providing the access to the service market for the direct branches of foreign banks and insurance organizations ," Z. Aytzhanova reminded. "Kazakhstan insists on a five-year-transition period for opening of direct branches of such foreign financial organizations," she emphasized. "This transition period will allow Kazakhstan developing the appropriate legislative and institutional base for regulation of activity of the branches of the foreign financial organizations and preparing the financial system for possible competition from foreign banks and insurance organizations," Vice Minister explained.
Resourse: Kazakhstan Today