Administration of VTB Bank (Kazakhstan) takes an active part in AEF


Yesterday was the first day of “Astana Economic Forum – 2016: Eurasia’s Financial Challenges”.

This annual event of continental significance gathers together recognized experts, politicians, directors of the largest financial institutions, heads of international organizations, Nobel Prize winners and scientists. This year the main speaker of the plenary session of the Forum was the President of Kazakhstan, Nursultan Nazarbaev.

The main theme of AEF-2016 is “New Economic Reality: Diversification, Innovations and Economy of Knowledge”. A number of sessions will be focused on prospects of development of the financial and banking sectors, monetary policy and possible return to the capital control course.

VTB Bank (Kazakhstan), as a representative of the international financial group, could not miss such a large-scale economic event. The chairman of the Board of Directors, Dmitry Zabello, and a member of the Board of Directors and the head of the corporate unit of VTB Bank (Kazakhstan), Asem Kenzhebek, also participated in the Forum.

During an interview for “Atameken Business Channel” Online TV Dmitry Zabello explained his vision of the new economic reality.

- It is obvious that all trends set by the global economy and Eurasia’s market for us today have been already formed clearly. The devaluation that we have witnessed in Kazakhstan recently is a good market sign. We believe that the most complicated events at the currency market are already over. From the economic point of view it is always good to have a course which is adequate to the current economic situation. There are a few exchange rate drivers in Kazakhstan and Russia. One of these is the cost of energy carriers, and it is not desirable to have a big difference between the cost of resources and the exchange rate. A proper balance should always be maintained. Today the floating rate is probably one of the most adequate infrastructural changes introduced by the National Bank, and we totally support it, Dmitry Aleksandrovich said. – Banks have been working in the anti-recessionary regime. However, the most difficult times are probably over now. VTB Bank (Kazakhstan) is changing its product range, reconsidering risk profiles, looking for new approaches to business, and trying to determine new possibilities of growth. We have actively been discussing the strategy of development of our Bank in Kazakhstan for 3 nearest years. We believe the growth is inevitable but it will take place gradually, with consideration for the existing reality.

The full text of the interview is available here: