business and economy
Kazakhstan banks will survive, says minister
Kazakhstan’s finance minister on Monday dismissed suggestions that some of the country’s banks might not weather the widespread difficulties generated by the global credit crunch.
Bolat Zhamishev insisted that not a single institution had ceased operations since the crisis struck Kazakhstan’s heavily indebted banks last summer and that there was “no prospect any bank would be liquidated” in future either.
“The financial situation in Kazakhstan shows there are difficulties but the banks are overcoming the situation successfully,” Mr Zhamishev told the FT in an interview during the annual meeting in Kiev of the European Bank for Reconstruction and Development, at which bankers have aired concerns about Kazakhstan’s economy and banks.
The EBRD has warned that Kazakhstan faces a sharp economic slowdown as it struggles with inflation and “credit stagnation”. Standard & Poor’s, the ratings agency, last week revised its outlook for Kazakh sovereign debt from stable to negative, citing problems in banking.
By Stefan Wagstyl and Isabel Gorst (Financial Times)
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