Kazakh govt, National Bank to enhance national currency's role
ASTANA. Dec 25 (Interfax) - The government and the National Bank of Kazakhstan announced a series of measures within the economic policy for 2015 to enhance the role of the national currency in the economy.
To generate more bank savings in tenge, a guaranteed payout to depositors from Kazakhstan Deposit Insurance Fund has been increased from 5 million to 10 million tenge. The fund's capitalization will be increased (182.05 tenge/$1 on Dec. 25).
The upper limit of the recommended interest rates on guaranteed deposits in dollars will be reduced from 4% to 3% per annum.
In addition to these measures, the government has imposed a ban on setting prices for goods and services in so-called conventional units.
In order to stimulate the growth of tenge liquidity in banks and increase lending to the economy, certain norms of prudential regulation could be eased, if necessary.
The National Bank will provide tenge liquidity to banks in case of liquidity shortage.