Kazakh National Bank Chairman G. Marchenko visited Washington

Chairman of the Kazakh National Bank Grigory Marchenko was invited to the seminar too. He visited Washington for participating in the Annual Meetings of the World Bank and the International Monetary Fund, a press release of the Embassy of Kazakhstan in Washington reads.

As is known the source of the global financial crisis was banking sector. Therefore it became the topic to speak about for the Chairman of the National Bank - 'Kazakhstan's experience of restructuring the external debt of banks'. The audience was offered figures to consider that showed the effectiveness of the measures taken in Kazakhstan. For instance, thanks to the restructurisation exchange inflation in Kazakhstan decreased almost three times, liquidity of the banks increased from 14.1 percent to 22.6 percent, assets of the banks in the National Bank increased from USD 9.1 bln to USD 10.5 bln and total external debt of the banking system declined by more than twice. Besides, the banking system of Kazakhstan proved its solvency again. The uniqueness of the Kazakh model is in combining of the support of the state and classic mechanism used in restructuring. The experts from the USA who attended the seminar that Kazakhstan's experience in reviving financial banking system was one of few in the world that turned out to be effective.

Independent adviser of the BTA and Alliance Bank and Senior Advisor to the Office of the Prime Minister of Kazakhstan Marcia Favale Tartar also represented a report at the meeting and had good arguments in favor of the measures taken by the Government of Kazakhstan to support financial system.

As Kazakh Ambassador to the USA Erlan Idrissov noted the seminar was very productive in regard of professional evaluation of the activities taken by our country to overcome the crisis.