Nazarbayev forbidden financing of banks from National Fund reserves
Almaty. April 12. Kazakhstan Today - Kazakhstan's President Nursultan Nazarbayev has forbidden the financing of banks from the National Fund reserves. The leader of the country has given a number of instructions concerning the use of reserve funds and requested a cooperative proposal on sustainable economic growth from the National Bank and Government by June 1.
Previously, second-tier banks received aid from the National Fund. Currently the financial market situation is healthier and there is no necessity to rely on government support, Caspionet reports.
"The National Fund's reserve will not be allocated to the second-tier banks. I strongly forbid it. I have mentioned before that second-tier banks have a lot of opportunities and instruments. Now we are considering a decision to unite all pension funds into the state fund. The state pension fund has a sufficient amount of reserves which can be used to receive loans. Also some reserves are kept in insurance companies and bank deposits. All these reserves are increasing," Nursultan Nazarbayev stated.
President Nazarbayev emphasized that the infrastructure should be developed and scrupulously managed because the capital represents the funds of future generations.
"Money will be allocated to the Astana-Karaganda road construction when the project and the technical and economic assessment are complete, and then the return of facilities will be estimated," President said.
The National Bank website reports that National Fund assets are approximately 60 billion dollars. The President has established a task to better monitor and audit infrastructure projects in order to keep check on the allocated funds. The task of diversifying active assets was allocated to the National Bank.
"The National Bank is to take measures aimed at the development of the long-term alternative gold portfolio for the National Fund. The government, in cooperation with the bank, is to initiate measures for the introduction of alterations and additions to the corresponding laws. There will also be regulations on the provision of the National Fund's preservation and investment of its funds in the various financial instruments," the President said.
Detailed proposals for sustainable economic growth are to be presented to the Head of State by June 1. Nursultan Nazarbayev has approved the proposed alterations in the National Fund Strategy. It is expected that the decree on the allotment of transfers in the republican budget will be signed in the near future.
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