A key deal for a Kazakhstani banking sector, concerning the purchase of Kazkom by the People’s Bank of Kazakhstan, is taking shape.
Akorda’s decision to allocate 2.1 trillion tenges for the revitalization of the bank system has caused a heated discussion in the country. The reaction of the international credit rating agencies, however, has been quite positive.
Kazakhstan has an abnormally high external debt the origin of which cannot be explained just by the economic reasons. The National Bank of Kazakhstan, however, chooses to suppress this fact.
A war against corruption, abuse of positions and embezzlement of public funds, has reached a scope, where it is not out of place to mention Stalin-era purges. Even though branding the current situation as such would be a gross exaggeration, some resemblance with the year 1937 is still there.
The Kazakh authorities believe last year’s property legalization campaign was a success. However, to achieve it, the government had to rework drastically the initial conditions of it.
It is not clear what Nazarbayev postulates as the third* priority of the new modernization. It seems to be either preserving or ensuring the macroeconomic stability in the country. We are not quite certain about this because we see several contradictions in the president’s formulation.
