National Bank of Kazakhstan gave a brief description of the country's banking sector in 1999

/IRBIS, Feb.8, 00/ - In its press-release, devoted to current situation on financial market of the country, the National Bank of Kazakhstan gave a brief description of the banking sector in 1999. "Development of the banking sector in last year was characterized by a continuing process of transformations of the banks into international standards, consolidations of the bank capitals, and also by an increase in capitalization level", reads the press-release. The number of banks deceased from 71 to 55 within a year. The number of banks that are entered into the program of transformation into international standards decreased from 50 to 36, of which 11 banks were entered into the first group, 25 to the second group. Assets of Kazakhstani banks of the second tier had risen 73.5% by the end of 1999, at KZT339.8 bln. Total shareholders' capital of the country's banks reached KZT68.8 bln, 45.4% increase. In general, banking sector finished last year with gross profit of KZT9.5 bln. According to the press-release this figure may change after the results of inspections and audits.