Kazakhstan will not give up on tenge free-floating system, Kazakh President Nursultan Nazarbayev said.
"Firstly, it is necessary to ensure the effective functioning of the financial sector under a floating exchange rate of tenge. The fundamental point is that there will be no return to endlessly supporting the tenge using the money from the National Fund," RIA Novosti cited him as saying.
The President stressed that the most important task today is "to quickly stabilize the financial system, to bring it in line with the new global reality".
"The National Bank should conduct stress testing of all entities within the national banking sector concerning non-performing loans. The banks that cannot solve the problem of capitalization should exit Kazakhstan's financial system," Nazarbayev said, adding that the Kazakh banks must comply with all international standards.
