Banks of Kazakhstan did not exchange method of reserves calculation for the one offered by the NB

/Almaty bureau REUTERS, Oljas Auezov, October 8, 02/ - Kazakhstan banks have not yet changed methods of minimal reserve requirements calculation for the new methods, which was confirmed by the National Bank пока не перешли, because the National Bank has not published corresponding instructions, informed banks' representatives. On Monday it became known that in September the Governing body of the National Bank made the Decree, according to which in the middle of October the new rules about minimal reserve requirements, which had been confirmed by the Governing body of the National Bank, were to come to effect. They provide banks-participants of deposits guaranteeing system (they are most large and medium banks of Kazakhstan) for new methods of determining and forming of reserves, which is based on 14-day periods (instead of annual statement, which had been accepted before). Nonetheless banks say that they have not change the methods for the new ones expecting details from the National Bank. "Evidently (the National Bank) will have explanations, as the result there may be included significant changes (into initial publication of minimal reserve requirements rules)", - said Nurlan Mukhamedjanov, the treasurer of Bank TuranAlem to Reuters. Kazkommertsbank's representative said that he expected from the National Bank final explanations concerning the rules. In particular, banks wait for answer for their offer to include notes of the National Bank into the reserve assets. A trader daughter bank of ABN Amro in Kazakhstan said Reuters that more thorough planning of reserves by banks will be more probable effect the new rules enduring. This will get rid them of the necessity to purchase tenge at the money market one day before the reporting date as it is now. Large banks frostily reacted the decrease of minimal reserve requirements level. Since October 2 minimal reserve requirements were decreased by the National Bank to 6% of all deposit liabilities (excluding liabilities before banks) from 8%. Banks say that they will form their reserves according to more severe internal norms. "In the opinion of Bank TuranAlem, we are indifferent about these changes", - said Mukhametzhanov. - "We have more severe our own requirements ". [2002-10-08]