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Kazakh Government Injects $2 Billion Into Two Major Banks

Kazakh Prime Minister Karim Masimov

Kazakh Prime Minister Karim Masimov

ASTANA -- Kazakh Prime Minister Karim Masimov has said that the country's two major banks will receive $1 billion each from the state's Samruk-Kazyna Fund, RFE/RL's Kazakh Service reports.

KazKommertsBank and Khalyk Bank are to receive the money on January 28.

Masimov said at a cabinet session on January 27 that the money will be used by the banks in accordance with previously discussed agreements.

He did not give details of the agreements, but said it is necessary to monitor how the banks will spend the money.

The government has said that the Samruk-Kazyna Fund's main purpose is to protect the Kazakh economy during financial and economic turmoil.