Kazakh National Bank raises minimum reserve requirements to withdraw up to 3.5 trln tenge in excess liquidityThe increase in minimum reserve requirements (MRR) for banks, approved in mid-August, will allow for the withdrawal of up to 3.5 trillion tenge in excess liquidity, National Bank Chairman Timur Suleimenov said on Friday."Currently, there is 8 trillion [tenge] in excess liquidity. Using the MRR, we plan to gradually withdraw up to 3.5 trillion [tenge]," Suleimenov said at a press conference in Astana.In his opinion, this measure will not have a negative impact on lending to the economy."The remaining liquidity will suffice for lending, implementing projects and so on. We do not expect an adverse effect on lending activity," he said.He also stated that this measure will have a significant anti-inflationary effect.On August 11, the Board of the National Bank of Kazakhstan passed a resolution to increase minimum reserve requirements for second-tier banks: for tenge liabilities - to 3.5% and 5%, and for foreign currency liabilities - to 10% and 15%.The increase will be implemented in stages from September within one year to allow the banks time to adapt to the new environment. (ICE ALMATY)

Fonte notizia: INTERFAX