News and analysis from Kazakhstan - Dec 05th 2008
business and economy
Kazakh central bank to cut banks’ reserve requirements
Kazakhstan’s central bank plans to inject more than $800 million into the banking sector by cutting reserve requirements on banks’ foreign liabilities, a central bank official said on Wednesday.
The global liquidity squeeze has limited Kazakh banks’ access to international debt markets and triggered a domestic credit crunch, slowing down the growth of the whole economy.
Deputy chairman Bisengali Tajiyakov told a parliament session mandatory reserve requirements — a proportion of borrowed funds that cannot be lent to banks’ customers — would be cut to six percent from the current eight.
By Raushan Nurshayeva, Olzhas Auyezov, George Obulutsa (Reuters)
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