October 10, 2019 / 12:00 PM / 2 months ago

UPDATE 1-Kazakh central bank chief says aid for banks possible after asset review

(Adds context, background)

SOCHI, Russia, Oct 10 (Reuters) - Kazakhstan’s central bank may provide another assistance package to its banking system after completing an asset quality review, governor Yerbolat Dosayev said on Thursday.

“It will be a revamped programme ... for the banking system in general rather than targeted as it was before,” Dosayev said on the sidelines of a financial conference in Russia.

He did not provide details, such as the potential size of the aid package. The central bank’s review, begun this year, is expected to end in December.

The oil-exporting Central Asian nation has already spent billions of dollars on bailing out and propping up some of its biggest banks after a series of currency devaluations and the collapse of the local property market.

The central bank has also revoked the licences of several smaller banks, while President Kassym-Jomart Tokayev’s government wrote down the debts of a number of low-income citizens.

But analysts have said some lenders may require further assistance to recognise and make provisions against bad loans.

$1 = 390.1700 tenge Reporting by Tatiana Voronova and Mariya Gordeyeva; Writing by Maria Kiselyova; Editing by Mark Potter

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