27 Oct 2022 14:32

Samruk-Kazyna still not considering financing in rubles because of risks resulting from sanctions

ALMATY. Oct 27 (Interfax) - Kazakhstan's National Wealth Fund Samruk-Kazyna is still not thinking about raising funding in rubles, said Mirat Utepov, the director of the economy and planning department at Samruk-Kazyna.

"We do not raise financing in rubles but give priority to the national currency. There are still risks associated with borrowing in rubles. The ruble exchange rate is volatile and there is some uncertainty. That is why we are not considering this currency as a borrowing tool," Utepov said at a Thursday briefing.

This approach will not affect the financial stability of Samruk-Kazyna, he said.

In April of this year, Samruk-Kazyna announced its decision to stop attracting financing in rubles because of the sanctions imposed against the Russian banks.

National Wealth Fund Samruk-Kazyna JSC was organized in 2008 through a merger of Kazyna Sustainable Development Fund and Samruk Holding for State Assets Management. Samruk-Kazyna owns and operates strategic assets of Kazakhstan, including Air Astana, Kazakhtelecom, Kazatomprom, KazMunayGas, KazPost, Kazakhstan Temir Zholy, KEGOC and others.