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“We haven’t really seen an adjustment of prices to match the scale of currency devaluation yet” |
Kazakhstan’s banks are in trouble – again. That was the message from Fitch Ratings, which in late January downgraded the country’s largest lender, Kazkommertsbank (KKB), to triple-C and warned of severe capital pressures across the rest of the sector.
Among Kazakh bank watchers, the news inspired a sense of déjà vu. Seven years after the global financial crisis, the sector is still struggling to deal with the legacy.
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