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D.Akishev: Banks attempted to conceal their poor financial position

In a financial stability report published by the National Bank, it is noted that commercial banks had been providing inaccurate reports, obscuring the underlying reality of the actual financial situation.

Sputnik Kazakhstan, in an article entitled «Банки Казахстана пытались скрыть бедственное положение» – «Kazakhstani banks attempted to conceal the harsh reality», said: «Chairman of the National Bank of Kazakhstan Mr. Daniyar Akishev provided comments on the situation concerning the banks engaged in misleading conduct, while answering questions from journalists after a meeting of the Senate, the upper house of the Kazakh parliament.
«The banks tried to hide their poor financial position through financial statements, and they wanted to keep a lid on the tableau by providing the data that do not reflect the real situation. I would like to note that it is the case of a narrow group of banks, which have already been in one way or another affected by interventions (measures on the part of the National Bank). This, for example, has been actively used by Delta Bank and JSC Kazinvestbank, who have already had their licenses revoked. There are problems with those medium-sized banks, to which we have repeatedly referred, and the bad portfolio, unfortunately, is the main cause of their poor financial health and the principal reason for their incapability to meet the obligations», he said».
Speaking to reporters after a meeting of the Senate last Thursday, 14 June 2018, the governor of the National Bank of RK, Mr. Daniyar Akishev also commented on the situation in the currency market, and he also explained, why had the tenge been visibly weakened during the previous week. According to him, the National Bank of Kazakhstan suspended the licenses of Eximbank, Bank of Astana and Qazaq Banki for attracting new deposits and opening new bank accounts of individuals. That decision is valid for three months.
«The main cause of the situation involving the suspension and revocation of licenses of those banks is the poor quality of their loan portfolios, which did not generate sufficient funds in order to fulfill their obligations to depositors. Generally, distressed banks do not provide good loans. The growth of their loan portfolio is not accompanied by an increase in the capital base. Their risk management and corporate governance standards aren’t what you would call the high ones. And the quality of the loan portfolio remains rather low», Daniyar Akishev said answering questions from reporters after the meeting of the Senate of the Republic of Kazakhstan.
According to him, changes in financial markets are currently being closely monitored, and the National Bank is in talks with Eximbank, Bank of Astana and Qazaq Banki about stabilization of their financial situation. Discussions on measures that might be taken in this regard are currently ongoing.
President Nursultan Nazarbayev, as is well known, has been deeply engaged in supporting Daniyar Akishev’s efforts to improve the situation in the Kazakhstani financial markets. This is confirmed by a number of reports. Let us give you one example of it.
Nur.kz, in a report entitled «Назар­баев – Акишеву: Никого не бойся, будут лезть, скажи мне фами­лию» – «Nazarbayev to Akishev: Fear no one, in case someone interferes in your business, tell me his name», said: «Last week, social media reported that Danyar Akishev had allegedly been detained. The National Bank of Kazakhstan immediately denied any such speculation.
«Act boldly, fear no one. Act honestly, act in conformity to the laws, act as it should. In case someone interferes in your business, oversteps his boundaries, tell me his name», Nazarbayev said to Akishev, while attending the expanded session of Kazakhstan’s government».
The President suggested that interference in the National Bank’s business should be viewed as interference in the Kazakhstani financial system’s business and punished accordingly.
«I’m looking out here, and I’m seeing: the more the National Bank comes to grips with putting our country’s financial system in order, the more its chairman, whom I trust 100 percent, is being attacked. Shareholders and sponsors, who are sitting here, in that room, do this. Fear no one, newspapers and reporters are not the ones who are to blame, their owners are the ones who are to blame. We will take action against the media owners, who hinder efforts to straighten things out», Nazarbayev added».

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