31.01.2013 - Kazakh wealth fund to cut deposits in foreign banks by half
Kazakhstan’s sovereign wealth fund said it’s seeking to cut the share of deposits it has in foreign banks and provide more liquidity to domestic lenders. Banks hold 2.9 trillion tenge ($19 billion) for companies owned by the Samruk-Kazyna fund, while 24 percent of that amount is deposited in foreign banks, Deputy Chief Executive Officer Yelena Bakhmutova told reporters in Almaty. The fund plans to cut the share in foreign banks to 10 percent of total deposits in two years, she said...............................................Full Article: Source
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