Kazakhstan Experiencing Moderate, Stable Economic Growth

    Nursultan Nazarbayev has conducted an extended session with representatives of the state financial block and leading bankers at the Ak Orda Palace. The president summed up the results of the work over 9 months of this year and defined key tasks for the future. The economy is on the mend. A moderate, but nevertheless, stable growth has been registered. This data was presented by the country’s main banker at the Ak Orda.
    Grigoriy Marchenko reported that the national currency has been reinforced. The official exchange rate of the US dollar amounts to 149.4 tenge. The chairman of the National Bank believes that further strengthening should be expected in the near future. The total amount of the country’s reserves, including assets of the National fund and gold reserves, reached 50 billion US dollars. One more positive rate lies in the drop of inflation level by at least half in comparison to last year. The state managed to achieve stabilization of the situation in the financial sector as well.
    The external debts of commercial banks reduced from 46 to 30 billion US dollars. However, credit organizations haven’t run out of money themselves as the state helped them stay the course, Caspionet reports.