Kazakh National Bank to hunt for KZT1.4tn state aid from five banks
The National Bank of Kazakhstan is seeking measures to return 1.4 trillion tenge in state aid from five banks, Kazinform News Agency correspondent reports.
As I recall, the estimated cost of state aid into the banks totals 1.4 trillion tenge, provided for different areas of bank operations at different times. There was the National Bank’s program through the Kazakhstan Sustainability Fund – one of our subsidiaries. Longer-dated and concessional bonds obtained by Baiterek Holding and Samruk Kazyna were issued. All these were recorded in the relevant agreements between the banks and other organizations, said Timur Suleimenov, chief of the Kazakh National Bank.
According to Suleimenov, since then, the banks that received state aid have reached significant profitability improvement.
The Kazakh National Bank chief urged to redeem the situation, as the repayment period for the aided banks is so long that it lasts until the year 2040. He said that measures are sought to encourage banks to return the state aid.
The National Bank of Kazakhstan accounts for the bulk of the total 1.4 trillion tenge the aided banks owe, added Suleimenov.
