The basic points of performance of head of the National Bank of Kazakhstan before the JSC Halyk Savings Bank of Kazakhstan shareholders

/IRBIS, March 17, 00/ - February 11, 2000 the annual General meeting of the shareholders of Halyk Savings Bank of Kazakhstan (Almaty, official list of securities, "A" category) was held, on which the Chairman of the National Bank of Kazakhstan Marchenko G.A. has spoken. The basic points of his statement are stated below according to the Bank's materials, granted to KASE. Marchenko has noted that Halyk Savings Bank is one of backbone banks of republic. Work in which the Bank was engaged traditionally, - the population's contributions attraction - at a present stage becomes the most important work of whole banking system. For this work strengthening, the National Bank Kazakhstan together with banks of the second level has undertaken some concrete actions. First, the new rule "About bank secrecy" is developed, which will allow observing a bank secrecy principle. Secondly, the fund of fixed deposits insurance is created. Now it includes 16 largest banks, which possess about 90% of all fixed deposits in Kazakhstan. Six other banks have submitted the applications to enter to this fund. Besides it Marchenko has marked that the aim of the National Bank is that before the end of a current year (at a pinch before the first quarter of 2001) all Kazakhstan's banks corresponded to the world standards. It will dive them possibility to enter in a international insurance system. In January of Halyk Bank has paid $36 million at an old rate (88.3 tenges for 1 dollar) at conversion of the population contributions. The National Bank and the banks of the second tier should return the population's trust into the banking system. The goal - to increase the sum of population's deposits to an equivalent of $1 billion - can be solved in the first half-year of 2001. The such volumes attraction will allow to expand economy crediting to reduce the credits interests. Potential it is large enough. On January 01 of 2000 monetization of economy (relation of a money supply to GDP) in Kazakhstan made 14.5%. It is higher, than in any other CIS countries. Therefore there is no sharp shortage of money in republic. Banks and other financial institutions cannot convince population that best use of money is placement in the banks or purchase of various kinds of financial products. General problem of banks is to explain to everybody that at a current stage in Kazakhstan work with 16 largest banks is not risky. A Kazakhstan - one of a few countries in the world, which after August, 1998 shock in Russia, had no system crisis in the bank sector. It is result of efforts, which the National Bank of republic accepted since 1995. They are: a sufficient level of capitalization of the banks, rigid requests of the specifications fulfillment, formation of reserves against the doubtful and hopeless credits and so on. All of this are new standards of book keeping, which we have entered earlier, than any other CIS countries, before the global crisis. It is known, that the world biggest financial institute is an Japanese post- savings system, which assets make about $2,000 billions. This system is the one, which provided the phenomenal development of the Japanese economy after the second world war. The National Bank of Kazakhstan in 1995 had planed to create such system in our republic. The circuit is clear enough: there is a state post-savings system, which contributions are guaranteed by the state. They are placed only in the state securities only. In 1999 Halyk Bank privatization was continued, but state continues to possess the control block of the shares. The National Bank consider that Halyk Savings Bank of Kazakhstan should not be privatized till state mail savings system is completely developed and the control block of shares for this period (2 or 3 years) should be possessed by the Government of Kazakhstan. During 2-3 years Halyk Bank and Kazpochta should make such system fulfilling social functions as the pensions payments and other. Finally Marchenko has wished to the National Bank of Kazakhstan and its shareholders a successful work.