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Kazakh Banks may not need additional capital.

Global Banking News-18 June 2009-Kazakh Banks may not need additional capital(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 18 June 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

The central bank of Kazakhstan has said that banks in the country would not need additional capital.

Central bank chairman Grigori Marchenko said that banks in the country would not need additional capital even though three banks in the country have already defaulted on their debts. The nation has so far spent USD18bn on stimulus measures and bank aid, including about USD5bn for recapitalizing banks.

Marchenko said, 'If there is a third phase of the crisis, then we do have a contingency program, but that's more or less theoretical now. Right now with our reserves at USD43 billion, we don't see any merit in borrowing from the IMF.'

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Publication:Global Banking News (GBN)
Date:Jun 18, 2009
Words:164
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