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President rubbishes revocation reports


Reports that BTA, Kazakhstan’s largest bank, could have its banking licence revoked were wrong, said the President at a special meeting in Aq Orda yesterday that had the implementation of the government’s anti-crisis programme on the agenda.

"Firstly, that the government is about to pull licences from BTA and Alliance is wholly untruthful and provocative. We are not going to do this. Everything that had to be done, we have done. It’s not until we had done this with all four banks that we could start funnelling money into the economy. Once we sorted them out, we could start pumping public money into the economy", said the President.

Yelena Bakhmutova, Chairwoman of Kazakhstan’s financial watchdog FSA, had this to say: "As far as I can see it, there are no grounds for suspending, let alone revoking BTA’s licence. The institution is healthy, it keeps functioning and serving its clients and the new management is tidying things up".