About holding an International Conference "Financial stability" - press-release of the National Bank of Kazakhstan

/National Bank of the Republic of Kazakhstan, November 28, 06/ - On November 27-28, 2006 an international conference "Financial stability" was held in Almaty. The National bank of Kazakhstan acted as the organizer of the conference. Representatives of national (central) banks of countries of CIS, Europe, Asia, international financial institutions (World Bank, European Committee, Eurasian bank of development), Agency of the Republic of Kazakhstan for regulation and supervision of the financial market and financial organizations, and also the Kazakhstan Association of Financiers took part in the conference work. At the conference within the first section participants actively discussed most urgent issues of strategy and policy of central banks for development and strengthening of the financial sector with the purpose of preservation of the financial stability, within the second section - "Prevention of banking crisis" issues of avoidance of banking crisis in conditions of intensive development of the financial sector. In the course of the Conference Mr. Durmush Yilmaz, a Chairman of the Central Bank of the Turkish Republic, remarked that for supporting the financial stability in the country there is a need in a precise and adjusted work of the central bank, the Government and other participants of the financial market. It was noted that the mentioned work coherence is neatly traced in Kazakhstan. Mr. Vit Barta, a Counselor of the Deputy Chairman of the National Bank of Czech Republic, Talked about problems, which the National bank of Czech Republic faced with during financial crisis and noted that state bodies of financial regulation and supervision of the Republic of Kazakhstan have all prerequisites for avoiding such breakdowns. At the Conference Mr. Maxwell Watson, a representative of the European Committee, came out with the report "Financial and credit flows in former countries with transition economy, which pass in difficult conditions". In his appearance Mr. Watson made an analysis of money flows, their quality and influence upon the economy in countries of Eastern Europe, and also summarized that the quality of money flows in Kazakhstan is at the high level. S. Akhanov, a Chairman of Kazakhstan Association of Financiers, appeared with report "Financial sector. Problems of early " as well. Besides, G. Melikyan, a deputy chairman of the Central bank of the Russian Federation, with report "Banking system of Russia: financial stability and development", Mr. Peter Andrews, a head of the Department of economic and financial regulation of the Organ on control of financial services of Great Britain, with report "Banking crisis: market failure and approaches, based on principles" and Y. Bakhmutova, a deputy chairman of the Agency of the Republic of Kazakhstan for regulation and supervision of the financial market and financial organizations, spoke within the frameworks of the Conference. It was stressed at the Conference that reforms, conducted in the financial sector of Kazakhstan, showed its effectiveness and are actively scrutinized in CIS with the purpose of applying Kazakhstan experience. On the whole, for past years the financial sector of Kazakhstan has achieved substantial success in its development, which caused the strengthening of its stability, and an increase of trust of the public and foreign investors in it. [2006-11-28]