Kazakhstan's export profit plummets

Speaking to reporters at a news conference , he said that despite the decrease in export profits, the "overall situation at country's financial market is quite positive." The overall slump in the world market led to a sharp decrease of export profits of Kazakhstan. For the first quarter of 2002, the export of Kazakhstan totaled USD 2045 million, that is 7 percent lower than for the same period of 2001. The cost of import totaled USD 1681 milloln. And decreased in comparison with the first quarter of 2001. As a result the positive trade balance totaled USD 364 millionn. Giving the results of the year, he said that situation in the banking sector is very stable. There are 41 banks functioning in Kazakh banking sector, one of them international, two- state banks and 16 banks with foreign participation. The total own capital increased 3 percent, up to KZT136. 1 bln. The clear profit totaled KZT 9. 2 bln that is 2. 7 times more than for the corresponding period last year. According to the the information of Agency on Statistics of Republic of Kazakhstan, the inflation rate in June 2002 totaled 0. 5 percent that is considerably lower than in May of the current year (0. 9 percent). One of the main reasons of such indexes is a high price for the petrol in Kazakhstan. The level of inflation did not exceed the level marked by the government and the National bank of Kazakhstan for 2002. "For the last three years, gold fund of the country increased four times," Mr. Marchenko said. Currency market of Kazakhstan also kept the stability. The official rate of US dollar was fixed as 153. 27. Serious changes at the securities market also were not observed.