ASTANA Feb 14 Kazakhstan's President Nursultan
Nazarbayev ordered the central bank and government on Friday to
allot 1 trillion tenge ($5.4 billion) from the country's
National Fund, which collects windfall oil export revenues, to
support economic growth.
The move comes three days after Central Asia's largest
economy devalued its national tenge currency by 19 percent to
about 185 per dollar.
Chairing a government meeting, Nazarbayev also told the
central bank to reduce the share of non-performing loans (NPLs)
in the country's banking sector to 15 percent by 2015 and to 10
percent by 2016. NPLs accounted for 31.4 percent of the local
banks' portfolio at the start of this year.