First of all, measures on financial sector stabilization are directed on protection of Kazakhstan people interests. Nursultan Nazarbaev, Kazakh President announced this at the celebratory meeting on Kazakhstan Independence Day in Astana today.
President told about Anti-Recessionary Plan of Kazakh Government, National Bank and Financial Supervision Agency on stabilization of economy and financial sphere. Nazarbaev focused on five main directions:
“The first one regards stabilization of financial sector. Taking into account international experience we have adopted following measures. We have guaranteed preservation of deposits to the amount of 5 billion tenge. Thus, we have covered 99% of all accounts in the banking system. In order to stabilize it we decided to inject additional 480 billion tenge in four top banks of the country. It should be noted here that state allots these means for supporting economy, in the interests of ordinary people. On my instruction stress Assets Fund was established,” Nazarbaev noted.
The second direction is solution of real estate market problems. Over 5.8 million square meters of housing were built in Kazakhstan during the last few years. More than 56 million square meters were put into exploitation over the period of 17 years. The greatest part of housing was constructed in the last 5-6 years. 360 billion tenge will be allotted for overcoming difficulties in housing sector and mortgage lending within Anti-Recessionary Program. State Housing program will also focus on this.
