Samruk-Kazyna not considering financing in rubles because of sanctions against Russian banks
ALMATY. April 22 (Interfax) - Kazakhstan's National Wealth Fund Samruk-Kazyna is not considering the option of attracting financing in rubles anymore because of the sanctions imposed against Russian banks, Samruk-Kazyna Managing Director for Economics and Finance Nazira Nurbayeva said at a Friday briefing.
Samruk-Kazyna's subsidiaries had actually attracted financing previously in rubles, as the Central Bank of Russia (CBR) set a rate that was rather attractive for borrowing, according to Nurbayeva.
"Those companies that had loans in a strong currency refinanced their loans in a softer currency, the ruble, in order to reduce their currency risks," Nurbayeva said at the briefing.
"However, the situation has now changed. The cost of financing in rubles has changed as well, and the risks arising from the sanctions against Russian banks have increased considerably, so financing in rubles is now out of the question," Nurbayeva said.
JSC National Wealth Fund Samruk-Kazyna was organized in 2008 through a merger of Kazyna Sustainable Development Fund and Samruk Holding for State Assets Management. Samruk-Kazyna owns and operates Kazakhstan's strategic assets, including Air Astana, Kazakhtelecom, Kazatomprom, KazMunayGas, KazPost, Kazakhstan Temir Zholy, KEGOC, and others.