banking crisis
Kazah government funding puts better light on gloomy banking sector
(bne) The global economic crisis is already slowing growth in Kazakhstan and, together with the shutdown in international financial markets, this makes for gloomy prospects for the banking sector in 2009. For the next few months at least, the main source of optimism is the government’s injection of $5bn into the sector.
Astana working out details on economic stabilization plan
(EurasiaNet) - Kazakhstan expects to put the final touches on its fiscal stabilization plan by November 25. One of the government’s top priorities is shoring up the country’s wobbly banking sector.
Kazakhstan battles crisis with bailout, reforms
(Reuters) - Kazakhstan agreed an at least $3.47-billion bailout package on Tuesday to help banks cope with a deepening economic crisis and ease public concern, and announced political reforms to head off opposition criticism.
Kazakh government to pump USD 5 billion into largest banks
(SRI) - Kazakh government offered to take equity stakes of up to $5 billion in the country’s four largest banks to prevent potential collapse of the banking sector during the global financial crisis.
Kazakh banks: Dire outlook
Warnings by the international rating agencies about the possibility of yet another reduction in the ratings of Kazakh banks were among the most noteworthy events in the first half of this year. At the same time, these warnings came against a background of the repayment of the banks’ external liabilities.
Kazakhstan adopts law allowing partial nationalization of distressed banks
(SRI) - Kazakhstan’s parliament adopted legislation “On financial stability” on Wednesday, potentially allowing the state to buy stakes in distressed banks as part of a financial stabilization package.
Kazakhstan to pump in USD 15 billion to boost economy
(Reuters) - Kazakhstan will inject a total of $15 billion this year into its slowing economy, hit hard by the global credit crunch, the government said on Monday.
Kazakhstan plans USD 6 billion bad loan buyout fund
Kazakhstan will set up a $6 billion distressed asset fund this year to buy up bad loans from its banks and help the sector cope with the global credit crisis, the finance minister said on Wednesday.
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.
Kazakh banks’ post-crisis potential
Some Kazakh banks are better situated than others to weather the current domestic crisis. The levels of exposure to the main source of risk, foreign debt financing, differ greatly among the banks, and may prove to be the deciding factor in their further growth.
