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National Bank of Kazakhstan, regularly assures both Akorda and the citizens that de-dollarization of the economy and financial system is going well. Official statistics of the regulator on dynamics of tenge and other currency bank deposits seems to prove that. However, there is a big problem here that Daniyar Akishev and his subordinates try not to notice.
Not long before Nauryz (a Kazakh holiday that celebrates spring, the renewal of nature and symbolizes fertility, friendship, and love), the Kazakh TV broadcasted Nazarbayev’s meeting with some carefully selected journalists. This, of course, was not a live program. They had simply broadcasted a previously shot video. Then, the local media rushed to repeat Nazarbayev’s messages.
In the period of transition, the Kazakh elite clans are forced to change in order to strengthen their influence and, sometimes, to even simply stay afloat (this task is especially complicated given the non-public nature of the Kazakh political life). Dariga Nazarbayeva’s clan is no exception – her sons are grown now and can become real rivals to the “old guard”.
Today the society and the media in Kazakhstan are watching closely the upcoming takeovers of Kazkommertsbank by Halyk Bank and of TsentrKredit Bank by Tsesnabank. It is obvious, however, that these are not isolated events and practically all existing Kazakh banks are experiencing sectoral problems.
A key deal for a Kazakhstani banking sector, concerning the purchase of Kazkom by the People’s Bank of Kazakhstan, is taking shape.
The Kazakh authorities of today can be compared with airplane pilots flying high above the ground and looking at the country through a veil of clouds. On the one hand, they can see everything. On the other hand, however, they can only guess what is really happening down there. Therefore, they are afraid. And the higher they fly, the more scared they are.
