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Kazakhstan's leader orders raid on oil fund to support growth
February 14, 2014 / 8:11 AM / 4 years ago

Kazakhstan's leader orders raid on oil fund to support growth

ASTANA, Feb 14 (Reuters) - 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.

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