Kazakhstan to be ready for any future challenges after crisis is over ? F.Paulus
11:45, 12 June 2009
KOSTANAY. June 12. KAZINFORM /Muratbek Makulbekov/ Head for Energy and Natural Resources for Europe, Middle East and Africa of the Royal Bank of Scotland Fiona Paulus has made a report at a plenary session of the Foreign Investors? Council in Kostanay; Kazinform reports.
F.Paulus noted that main weakness of Kazakhstan?s economy is its banking system, which became heavily dependant on the dollar. This restricted the Government?s opportunities to respond to credit squeeze started in mid 2007 due to the change of monetary policy.
?Weakness of the financial and banking sectors and dependence on outside financing greatly restricts the Kazakh economy and affects the Kazakh companies? ability to raise funds?, she emphasized.
On her opinion, countries rich in natural resources, including Kazakhstan, the economy of which depends on oil export, should be more conservative in their monetary policy.
?Taking into account the banking reforms implementation, we are confident that Kazakhstan will overcome the crisis as a state prepared for any future challenges?, F.Paulus said.