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Kazakhstanâ€™s banks to face serious test before the end of the year

04 October 2008 11:49 (UTC +04:00)

Baku. Vahab Rzayevâ€“APA-Economics. World financial crisis is covering more and more areas. Kazakhstanâ€™s economists are also acknowledging that the countryâ€™s banking system faced with the problems.
According to the statistics of the Central Asian Economic Strategies Institute, total foreign debt of the Kazakhstanâ€™s banks is 12 billion USD, which is equal to 11 % of the total bank actives, APA-Economics reports. A large part of this amount will be paid before the end of the year which will sharpen the liquidity problems.
Volume of expired credits is also increasing in the banks, which is reducing the bank incomes.
The Kazakh banks rely on the new sources of liquidity. Stress active funds proposed by the International Monetary Fund can play this role. World Bank is also expected to participate in establishing the fund. Kazakh experts are pessimist about the success of this initiative despite that it has commercial background.