Nazarbayev urges Kazakhstan's National Bank to speed up revival of banking sector
ASTANA. April 11 (Interfax) - President of Kazakhstan Nursultan Nazarbayev is asking the National Bank to move forward with comprehensive measures to improve the banking sector, the president's press office said.
"It is necessary to speed up comprehensive measures to improve the banking sector. If necessary, shareholders should capitalize their banks with real money. They also should be ready for consolidation of weak banks," Nazarbayev said at a meeting on the National Bank's results in 2016 and future strategy.
According to the head of the National Bank Daniyar Akishev, in 2016, annual inflation decreased from 13.6% to 8.5%. In March this year, this figure was 7.7%.
"By the end of 2017, we expect inflation at 7% and its further decline in 2018. The inflation rate is slowing down. The exchange rate fluctuations are insignificant. The National Bank has not been making interventions since September 2016," Akishev said.
The head of state set a target of curbing inflation to 3%-4%.
