| Headline: Kazakh banks seek private savings Source: Euromoney Date: January 2001 Author: Janice Cowan Kazakhstan is enjoying its rudest economic health since independence was declared in December 1991, according to the governor of the National Bank of Kazakhstan (NBK), Grigori Marchenko. Although the global economic revival played a major role in 2000, Marchenko cites other factors: the steps that the government and NBK took in order to alleviate the consequences of the world financial crisis in 1998 and 1999, and the significant progress made by Kazakhstan in its transition to a market economy. Foreign economic policy has been one of the most significant developments for the NBK. Today, Kazakhstan maintains open trade relations with 175 countries. International trade has focused on exports of raw materials such as oil, petrochemicals, ferrous and non-ferrous metals, and agricultural products. Although the Commonwealth of Independent States (CIS), especially Russia, remains one of Kazakhstan’s main trading markets, the largest export market is the European Union. The country’s integration in the global economy has become an important part of the NBK’s development strategy. In 1996, Kazakhstan applied for membership in the World Trade Organization (WTO) and now holds the status of observer. Negotiations are under way for full membership. The |