State Banks Won’t Be Owned by Foreign Financial Institutions

    During a live television broadcast on Friday, the President of Kazakhstan, Nursultan Nazarbayev stated that the country will not allow foreign bankers to fully own system-forming banks in Kazakhstan.
    Nursultan Nazarbayev continued by stating there is, however, a general practice of having foreign capital present within the assets of Kazakhstan’s banks. "You know that the presence of foreign banks in the country is beneficial. It creates competition and reduces rates but we will not allow foreign bankers to fully own local banks," he said.
    "The banking sector had a hard time in the beginning of this year between January and February. BTA Bank was on the verge of bankruptcy and if the government had not invested its capital on Friday, it would have declared bankruptcy on Monday."
    The President said that the country's financial system has been stabilized, according to Gazeta.kz.