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President approved Concept of development of country's financial sector in post-crisis period

ASTANA. November 16. KAZINFORM Today within a conference in the Akorda Palace President Nursultan Nazarbayev approved a Concept of development of the country's financial sector in post-crisis period. During discussion the conference participants noted that realization of the concept would allow building an efficient competitive financial system satisfying demands of various sectors of economy and population in financial services. As the President stated the new financial architecture had to provide solution of all problems and prevent new threats ad challenges. The new Concept provides for enhancement of the role of the National Bank as a central body bearing responsibility for ensuring financial stability and carrying out macro-prudential regulation. In this view the Head of the State charged the National Bank to develop an efficient mechanism of disclosing and prevention of misbalances, "holes" on the markets of real and financial assets as well as on minimization of the risks of the financial sector of economy. As earlier reported, Prime Minister Karim Massimov, Chief of the Presidential Administration Aslan Mussin, Chairman of the National Bank Grigory Marchenko, Chairman of the RFCA A. Arystanov, Chairman of the Financial Supervision Agency Y. Bakhmutova, Chairman of the Association of the Financiers of Kazakhstan and heads of second-tier banks took part in the conference.


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