Capital amnesty program brought $480.217m of legalized money

17.07.01 00:00
/IRBIS, July 17, 01/ - According to REUTERS, capital amnesty program brought KZT70.45bn of legalized funds to Kazakhstan ($480.2m). Mr. Marchenko, head of the National Bank announced this figure on the press- conference concerning capital amnesty. The program has been enforced between June 14 and July 14. During the program, 19 commercial banks have opened special bank accounts for individuals who wished to legalize money. The National bank had been expecting $300m of funds, while estimations of the Ministry of Finance had been more optimistic at $500m. According to Mr. Marchenko, about 3000 people were amnestied and average volume of amnestied capitals per persons was $164 th. More than 82% of legalized money were cash dollars, 11.4% - transfers from foreign bank accounts, 6.5% - cash tenge. The most part of money (94%) came to nine largest banks in the country - Kazkommertsbank, Bank TuranAlem, Halyk Bank, Almaty Merchant Bank, Nauryz bank, CenterCreit, Eurasian, Nurbank and Valut-Transit bank. The geographical breakdown shows leadership positions of the city of Almaty and Almaty region. The spark of activity fell on last days of the program. The National Bank expected $100-150m, the real inflow was $250m. All citizens have a right to remove funds from special accounts on the next day after completion of legislation program. According to Mr. Marchenko, 50-70% of clients had initially intended to keep money on time deposits. Such intentions were marked as positive. In his opinion, volume of legalized funds will have no impact on the country's monetary policy as the main part of funds came as cash money. Another notable fact is that many experts had been expecting laundering of money from foreign structures. Yet, the relatively small average amount ($164 th.) contradicts with this position. Foreign cash inflow of $50m is also low figure to state money large-scale money laundering.